Hi investors
I applied for a loan on a small house in Emerald QLD on 1188 m2 which could easily return $300 – $350 per week rent.My income has been $1400/ week after tax, the purchase price was negotiated to $215k.
I was not approved for a loan from ANZ because I'm a casual employee.
Will I find the same problem with all lenders?
Would it be beneficial for someone to wrap finance this deal?
regards
Robrrocket | Creator Property Development Design
how long have you been casual and how much deposit do you have?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Some lenders will look at your earnings history (more than the last few payslips) and potentially lend to you on your merits, however you have to be able to show that you have been, and will likely continue to, earn a similar amount of money.
Casual employees are less secure than full timers, therefore the banks will tend to take a more cautious approach to lending here. It's still possible however.
Hi Rob
Unfortunately Anz are not known for their sympathetic ear when it comes to Casual employees.
Depending on the time with your current employer will determine what lvr can be looked at.
Richard Taylor | Australia's leading private lender
Doubled up
Richard Taylor | Australia's leading private lender
Try wespac. They require you to be at least 1 year employed as a casual. I just got my first investment through them.
thanks Forumites,
I've just reached 3 months with employer and instead of going permanent, I've been "layed off"!
I guess this substantiates the lenders concern.I have 5% savings and access to another 5%.
Would I have to be a permanent employee if purchasing as an investor?
cheers
Robrrocket | Creator Property Development Design
No wouldnt need to be permanent but would need some continuity in employment for casual.
Richard Taylor | Australia's leading private lender
sad to learn your employment has ceased rrocket. Hope you pick something up quick
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