Hi, I have not posted for a while. Since then my husband has taken on a casual (but very nice) job-And I am ready to invest in another IP… Can we still get a loan. We have existing equity for next deposit….[inlove]
Snowflake
Generally lenders will want to see a good history of income for casual workers. ie about 2 years. This is because the hours can vary so much.
Another option is a Low Doc or a No Doc. 70-80% LVR.
Terryw
Discover Home Loans
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One particular lender i deal with quite a lot when it comes to casually employed applicants lends to 100% LVR if casually employed for 12 months or longer, with an extremely competitive rate. However it’s very hard to get a high LVR loan (90%+) at adecent rate if casually employed less than a year.
As Terry mentioned, if your husband has only been casually employed for ashort time, a lo doc may be your best bet.
Hi I have a lender that may get you through but would require more detail, email or phone me, can call you back if you provide your number.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Hi. I think you will find that if the casual work is within the same industry type, and he is not on any type of trial period, you should find things not too hard to work out with a good lender or broker. If it is for investment purposes, and you have enough equity to cover 30% deposit, I personally think some of the Lo-doc loans are good (grab yourself an ABN though) In this case, you often only have to sign a declaration of affordability only, (ie, no mention of income)and then use your existing equity for the security along with the other new property. Less than ideal in some peoples opinion having more than one security, but if it gets you what you want…..All the best ….![strum]
If you can get a lodoc (and there are lenders giving 80% LVR), you should not require more than one securtiy. That is something I would try to stay away from. It may mean that you have each property with a different lender.
Bridgebiff, I am not sure what you are saying here??
On any loan you should only have one security – otherwise your loans will be cross collatoralised (= no good). This does not mean that you need to have each property with a different lender.
Terryw
Discover Home Loans
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There are lenders out there that will easily lend to casual employees providing they are off their 3 month probation (can get a letter from employer to get around this) & have been doing the same type of work for about 2 years or more otherwise if you have been casual for at least 2 yrs there’s no prob. If you have any issues you can always apply for a Lo Doc loan where you are not required to prove your income etc.
I recommend a guy named Noel – 0411 158273 from LJ Hooker Financial Services. Tell him Nicole referred you.
Husband & wife team and they provide sensational service.Nicster
Hey
Im in the same position I have worked in casual employment for 10 months but plan to work in same job for another 4 years, are my chances good? Also whats a low doc? Cheers
There are a few that lend to casuals who have been in the one job for 12months, so you are nearly there.
A Low Doc loan is one where you do not have to provide evidence of an income. Generally still have to have been employed for 2 years tho.
Terryw
Discover Home Loans
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Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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further, the low docs are generally up to 80% LVR and No Docs up to 70% – No Docs generally don’t require employment history.
Terryw
Discover Home Loans
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Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
As Terry mentioned 12 months Caual employment is all you will need forget about 2 years.
Also remember a lodoc loan doesnt mean you can inflate your income all it means is that normal evidence is not required.
If you do not wish to decalre any form of income then a Nodoc loan is the way to go although you are normally limited to 80% LVR.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi, yes you should still be able to get a loan, you just need a resourceful broker or consultant.
Depending on what your needs are now and in the future will depend on the best option for you at this time.You mentioned you had some available equity in your own home, you could use this for your deposit amd costs (as this would probably be your cheaper interest rate if it was full doc) and then use a lodoc facility on your next purchase (some lodocs goto to 90-95%LVR) but the cheapest ones are around an 80% lend.
However it really depends on your current income and what you are hoping to achieve now and in the future to what will best suit your needs at this time.
Kind regards and best of luck
Kylie S
Mortgage Consultant
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