Home loans for casual workers…yes they exist! In this day and age, casual employment is fairly typical, especially in select industries, like hospitality. Many workers around Australia work on a casual basis. So it’s no surprise that many banks and lenders now offer mortgages and home loans for casual workers.

However, there are some additional rules and requirements that can make it more challenging to buy a home. To help you understand the ins and outs, Darren Walters, CEO and Founder of No1 Property Guide, has put together this article covering everything you need to know about getting a home loan as a casual worker. 

Whether you’re casual, full-time or self-employed, No1 Property Guide has a no or low deposit house and land package for you. Take the first step on your homeownership journey today by filling in our simple pre-qualification form and discovering your borrowing capacity. From there, our New Home Consultants can advise all your factual options.

Employment History

Probably the most impactful change, as a casual worker you will need to show a minimum of 6 months of casual employment with your current employer to be able to qualify. This is generally considered the minimum timeframe for most lenders to consider your job as stable. 

That said, if you have been with your employer for longer, that will help your application as well. To increase your chances of approval and get a better rate, multiple years of work history, proven by income statements from the ATO, will give the best result. 

Here at No1 Property Guide, we’ve helped plenty of casual workers secure a home loan with only 6 months of work history thanks to Darren’s proven new home system. If you’re a casual worker looking to get out of the rental cycle, simply fill in our pre-qualification form. One of our New Home Consultants will be in touch to discuss how we can help you become a homeowner.  

Apply With Someone Who has Full-Time Employment

If you are looking to get your own home with someone else, that can significantly increase your chances of approval. Not only does having additional income usually increase your borrowing capacity. But if they are working as a full-time or part-time employee, the banks will consider them a more stable applicant. This will help your application overall and likely secure you a better interest rate. 

Of course, you will also need to consider their financial situation if you are looking to add them to your application. If their debt is too high, their income too low or they don’t work at all, adding another person to your application can be a negative. 

The best way to find out your borrowing capacity, with and without your partner or an additional applicant, is to fill in our pre-qualification form. With this information, our New Home Consultants can accurately calculate your borrowing capacity, and advise if you would be better off with or without the additional applicant/s. 

How Much Can I Borrow Using Home Loans for Casual Workers

How much you can borrow will come down to a number of things. First and most importantly, is your income versus debts. At No1 Property Guide, this is the basis of calculating your borrowing capacity. It’s what allows us to get you into your no or low deposit house and land package. 

If you have good income and low debt, you will be able to borrow a larger amount. And in some cases, you will be able to borrow up to 95-98% through Darren’s system. 

If you went to a major bank or lender, you’d most likely only be able to borrow up to 90%. And that’s assuming you have fantastic employment history, a deposit and good credit history.

Or, if you have someone willing to go guarantor for you, and you have good financial history, you may be able to borrow up to 100% of the costs of the mortgage. 

However, all of these will come down to your personal situation and are not guaranteed. Your best bet is to find out your factual options by filling in our pre-qualification form. From there our New Home Consultants can advise exactly what you can or can’t do. 

No1 Property Guide Home Loans for Casual Workers

From there, our team will show you all your factual new home options. So you can make an informed decision around whether you stay renting, or become a homeowner.