Casual Employment LoansCasual Employment Loans

A significant percentage of the Australian population is considered causal workers. In 2011, about 19% of the workforce was casually employed and that amounts to about 2.2 million people. Over the years, the number has only increased. In fact, experts agree that the number of casual employees would continue to grow as the freelance and entrepreneurial trend moves forward.

Casual employees are usually paid a higher hourly wage and will forgo things like paid leave. Employers will call ahead and discuss the weekly work schedule. These workers aren’t obligated to take up a job if they don’t want to and can switch places of work easily. Lending institutions are only just starting to warm up to such professionals and offer good casual employment home loans. At Mortgage Providers, we can help you find the best deal that would give you the loan amount you need at good interest rates.

Would You Get The Loan?

The first concern every casual employee has is whether they would get the loan. Banks are very reluctant to provide loans to people with casual employment because such employees tend to have uncertain income. They might get steady wages for some months at a time and face loss of income or financial flexibility in others. The lending institutions believe that such employees have higher chances of defaulting on the loan or would be a riskier investment.

There are several lending institutions that wouldn’t take that risk or demand higher interest rates in return. Fortunately, the attitude has changed over the years. There are many banks or lending institutions that would offer you the loan easily. You can get a good deal on casual employment home loans if you’ve been a part of your industry for at least 2 years.

There are some lenders who would settle for less and give you loans if you’ve been a part of the industry for even 3 months or 1 year. Lenders believe that the more experience you have in an industry, the more likely you are to get steady income as a casual employee. To get the best loans, you need help from a good mortgage broker who would understand your situation and requirements. We can help you get a great loan deal that wouldn’t be too much of a burden on your finances.

What to Do Before You Approach Us?

It’s never a good idea to borrow beyond your means. You should have some idea about how much you need before you start looking for lenders. There are a few questions you need to ask yourself. The answers to these questions would help us decide which lender would be ideal for you. These questions are:

  • What is your maximum budget for buying a home?
  • Will your financial situation be stable for the foreseeable future?
  • How much money do you need?
  • Would you be able to pay back the money comfortably?
  • How long a loan period would you need?
  • Can you offer some security to the lenders?

These questions are vital as casual employment home loans will affect your financial future. You should borrow only as much as you can afford. In this endeavour, we can help. We will make sure to find the best lenders for you.

If you want to know more about our casual employment home loans, all you need to do is get in touch with us at Mortgage Providers. You can do that by filling in this contact us form or calling us at 1300 65 6600. You can ask for free expert advice or enquire about the loan. We will reply as quickly as possible with answers.