If I want to buy a cheap unit and have the 20% deposit (money plus first home grant of $7000), and have no bad credit rating, but have casual employment and have only been employed with them for 1 month, could I receive a loan because of the 20% deposit. What are the most felxible banks for this? Thanks for any help.
Hate to say 1 month casual employment even if it is a line of work you have been in previously is going to difficult.
More chance of a lodoc style loan if you held an ABN.
Richard Taylor | Australia's leading private lender
I wouldn’t go the low doc option as you are obviously not self employed: – if you get an ABN and provide a fake income declaration you might be OK but if it goes bad you’ve committed fraud.
CBA will do it at 80% if you’ve worked on the same industry, it wi helpif your previous financial year income was similar:
what sort of work do you do?
What was your previous employment?Banker and QLDs007,
Thanks for your comment
I worked 2 jobs before moving to another city. Both are retail assistant type positions. Now I have resumed work in the new city for one of the same companies but at a different store.CBA at 80%. As long as you get a good manager you should be fine. Assuming servicing in OK. What state are you in?
Banker,
Thanks for your reply. The state is QLD.There are a couple of lenders that still do lodoc for PAYG and it is aimed at clients with unusual or short term and irregular income.
Certainly dont declare an income that is incorrect as this is clearly fraud however using a lender that merely asks you to declare your income and does require evidence of that income makes sense.
Strange that you have to find the right manager of the CBA to get the deal done as surely if lending to an applicant with 1 months casual employment is Bank policy you should be ok anywhere you go.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Strange that you have to find the right manager of the CBA to get the deal done as surely if lending to an applicant with 1 months casual employment is Bank policy you should be ok anywhere you go.Policy is not as black and white as some non bank lenders. There is no minimum term for employment under 80%.
Re getting a good banker, the days have gone of just filling out forms and sending them in to get approved. The banker will need to mitigate the risks and sell the deal on specific points e.g. Same employer / different city, consistant with industry /level of income.
I recently had CBA approve a deal for a self employed contractor, who had a néw contract but did not start for another month. Also had them approve a self employed customer without financials and without using lowdoc policy ( also a single source contractor).
CBA will still do deals if the risk is good and deal is presented well: – hence a good banker supporting you is important… I’ve said it before in other posts:- most problems / declines at the banks come down to poor presentation and lack of comments.
Assuming all bankers have the same chance of getting a deal approved is the same as assuming all brokers will also achieve the same outcome… Personally I think the person you choose is more important than the lender.
Unfortunatly I don’t know a CBA banker in QLD however would always use a CBA mortgage innovator: – you can
find one on google.
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