All Topics / Finance / Am I able to get a loan?

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  • Profile photo of Chris89Chris89
    Participant
    @chris89
    Join Date: 2011
    Post Count: 49
    August 2, 2011 - 11:00 am

    Hi guys,

    Just wondering if the banks would lend me any money, and how much if so?

    I earn 55k a year and I have been working for 24 out of the last 26 months. However, I am only on a 12 month contract. I know the contract will always be renewed / I am not far away from becoming a regular.

    I only have 7000 in savings at the moment.

    How will the banks see this?

    My guess is that I am possibly 6 months to a year away from being able to enter the property market, would that be a correct assumption?

    Thanks in advance.

    Chris

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 2, 2011 - 11:54 am

    Hi Chris

    Many employees work on Contract these days so as long as you are actually PAYG rather than self employed with many lenders it wont be an issue. If you have been in the same industry for the last couple of years also that will be easier.

    On the other hand you will need 5% genuine savings accrued over a minimum of 3 months so that may still take a while to accrue.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Chris89Chris89
    Participant
    @chris89
    Join Date: 2011
    Post Count: 49
    August 2, 2011 - 12:02 pm

    I am PAYG and have been in the same industry over the last few years.

    Thanks for your help Richard!

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