Great News for Casual Workers
There are many benefits to being a casual employee. Traditionally, trying to get a mortgage is not one of them. However, if you happen to know a good mortgage broker you are on your way.
We know from statistics courtesy of the Australian Bureau of Statistics (ABS) that more and more employers are offering full-time, casual contracts than ever before. Between 1992 and 2013 the level of full-time employees on casual contracts rose from 7% to 10.6% of the overall workforce (ABS, 2013).
A result of this is that lenders began to recognise the need to be able to offer mortgages to this growing and potentially lucrative sector.
It is commonplace that would be borrowers are increasingly offering a mixed bag of personal circumstances in addition to being on a casual contract, perhaps you have a less than ideal credit history, have only a small deposit, are a first-time buyer or it maybe you simply want to buy with a friend in a similar position.
Where such applications had previously been appraised negatively, commercial reality demands closer inspection by the lender. This is good news. We should remember that lenders want to…well, lend money. You just need to know where to shop.
This is where a really good broker earns his or her stripes. Most brokers can talk with the so called big four banks, it takes a good broker to have contact and a healthy relationship with smaller, more bespoke lenders.
Taking an hour out of your day to discuss your personal circumstances can really pay dividends says Justin Butler, Managing Director of Whitsundays based Eclipse Financial services.
“A good broker will help you through the entire process from finding the right loan for you, to acquiring a first home loan grant, all the way through to the mortgage offer”
Call us on 4946 7359 or email to organise an appointment with a member of our team.