Hi,
What will be the current home loan eligibility criteria? As I switched my job in 28-July-2020 and into daily contract, but my employment letter says 'Causal employment'. Am I eligible to apply for home loan? What will be the best way?
Appreciate your advice.
Thanks,
Shan
As I switched my job in 28-July-2020 and into daily contract, but my employment letter says 'Causal employment'.
I think daily contract is casual employment. Even if you are working 40hrs a week.
Is your job the only income you have? What about spouse's income (if any).
What about other assets where you could derive income e.g. have a property you can rent out?
Speak to a home loan specialist at a bank and they will work out your borrowing capacity.
i don't have any other income. I spoke to few lenders and they are asking for 6 months payslip if causal employment.
Broker here
You'll find all lenders will want to see 6 months history if you're on a daily contract (common in IT industry) where you are treated as a casual employee (no sick days, AL etc.)
CBA recently dropped out of the 3 month casual space
Please have a chat with bank/Financial institution about your scenarios. None would be able to answer your question with minimal to no information about you/your job/contracts etc. Having said that, if you are into same profession and roles and continuing it in contract then some lenders may consider your application. Best to talk to broker and see your options.