Get approved for a home loan even if you don’t meet the
usual employment and income requirements!

  • Are you a contracting? casually employed? or working as a temp? There are still some great options available!
  • Self employed for less than two years? or don’t have the required income
    documentation? No problem!
  • Get your loan approved even if you’ve been in your job less than 12 months & still on probation.
  • We’ll maximise your borrowing power by choosing a lender that accepts your commission, bonus or overtime income.
  • Get approved for a home loan without the need of a 20% deposit at a competitive interest rate even with unusual employment and income!

How can I get a home loan with unusual
employment & income?

The guidelines for getting these home loans approved are a lot harder than a standard loan, especially the lower the deposit you use. Some of the key things that the lenders will look for are:

Casual and Temp Payg Contractor Self Employed
Contractor
Self Employed
What is considered casual and temporary employment?

If any of the following apply to your employment there is a good chance the banks will identify you as being in casual or temporary employment:

  • No guaranteed hours of work (even if you are consistently working full time hours)
  • Works irregular hours
  • You don't get paid sick or annual leave
  • You or your employer can end your employment without notice
Can I get a home loan?

Most lenders will require you to have been with your employer for 12 months and there are limitations with the number of lenders that consider casual and temporary workers. The lenders that do consider casual and temporary employment usually will lend a maximum of 80% of the purchase price or property value.

We work closely with some lenders who are more reasonable and willing to consider casual and temporary workers who have been employed for less than 12 months. We've done this many times and are confident we can get your home loan approved up to 95% of the purchase price depending on your overall circumstances.

How much can I borrow?

How much you can potentially borrow depends on how long you have been casually or temporarily employed.

Time in Current JobMaximum borrowingLending Options
Under 3 months90% - 95%Assessed on a case by case basis by only one lender.
3-6 Months95%Assessed on a case by case basis by only four lenders.
6-12 Months95%Considered less risk, multiple lender options.
12 months and over95%Considered low risk, multiple lender options.
What is considered a Payg Contractor?

If any of the following apply to your employment there is a good chance the banks will identify you as being a Payg Contractor:

  • Usually on a fixed term, short term or long term contract with an end date
  • Receive regular and consistent salary payments
  • Work regular hours
  • You get paid sick and or annual leave (depending on your contract)
  • Your tax and superannuation is paid on your behalf (depending on your contract)
  • You or your employer need to provide notice to end the employment
Can I get a home loan?

Most lenders will require you to have been with your employer for a minimum of 6 - 12 months. However, we have some lenders that will approve Payg Contractors regardless of how long they have been in the current role.

How much can I borrow?

How much you can potentially borrow depends on how long you have been a Payg Contractor and the amount of time left on your current employment contract. Generally most lender will require your employment contract to have a minimum of 3-6 months remaining. However, we do have lenders that will approve your loan regardless of when your contract expires.

Time in Current JobMaximum borrowingNotes
Under 3 months90% - 95%Assessed on a case by case basis by only one lender.
3-6 Months95%Assessed on a case by case basis by only four lenders.
6-12 Months95%Considered less risk, multiple lender options.
12 months and over95%Considered low risk, multiple lender options
What is considered a Self Employed Contractor?

If any of the following apply to your employment there is a good chance the banks will identify you as being a Self Employed Contractor:

  • You may or may not have a contract with an end date
  • You don't get paid sick or annual leave (depending on your contract)
  • You pay your own tax and superannuation.
  • You work under your own Australian Business Number
Can I get a home loan?

The short answer is most likely, however, most lenders view Self Employed Contractors as being entirely Self Employed and unless you have been contracting for two years and can provide full financials including tax returns and notices of assessment most banks will not even consider your application.

How much can I borrow?

How much you can potentially borrow depends on how long you have been a Self Employed Contractor, the types of income documents you can provide to evidence your earnings and your overall circumstances including credit history and previous employment.

Mortgage pros work with many lenders and we have some very strong relationships, we are able to have your Self Employed Contractor home loan considered by the lenders even if you have been contracting for as short as three months. We prepare and present a strong case of your overall circumstances and negotiate on the usual policy restrictions that apply for Self Employed Contractor Home Loans.

Time in Current JobMaximum borrowingLending Options
3-6 Months70 % - 80%Assessed on a case by case basis by only one lender as an exception to usual policy.
6-12 Months85%Considered high risk, usually specialist lenders
1-2 years90%Considered high risk, assessed on a case by case by one major bank, multiple specialist lender options.
2 years plus95%Considered lower risk
What is considered Self Employed?

If any of the following apply to your employment then you are most likely to be assessed as a self employed applicant:

  • You work under your own Australian Business Number
  • You pay your own tax and superannuation
  • Your business employs staff and pays superannuation and taxes on their behalf
Can I get a home loan?

Most lenders require self employed applicants to have been successfully operating the business for a minimum of two years. The banks will also ask to see full financials for both you as an individual and the business (depending on the entity type). Self Employed applicants are assessed under a microscope by most lenders, however, there are still many options available you can most likely get approval depending on your overall circumstances.

How much can I borrow?

How much you can potentially borrow depends on how long you have been a Self Employed, the types of income documents you can provide to evidence your earnings and your overall credit history.

Mortgage pros work with many lenders, while most lenders require self employed applicants to be in business for a minimum of two years, we have a few lenders that will consider as short as 3 months self employed !

Time Self EmployedMaximum borrowingNotes
3-6 Months70 % - 80%Assessed on a case by case basis by only one lender.
6-12 Months80%Considered high risk, usually specialist lenders. Low doc home loans also available.
1-2 years80% - 85%Considered high risk, assessed on a case by case by one major bank, multiple specialist lender options. Low doc home loans also available.
2 years plus95%Considered lower risk. Low doc home loans also available
Short Term Employment
& Probation
Additional Income Other Income
What do lenders considered Short Term Employment and Probation?

Most banks require you to be in your current role for a minimum of 12 months if Payg and 2 years if you are self employed. Anything less is considered short term and higher risk.

Probation refers to a condition found in most employment contracts when you first start your job. Depending on your industry it's very common to be subject to a probation period of 3-6 months. This is usually an opportunity for your new employer to assess your performance in the job.

Can I get a home loan?

Absolutely yes! however, most banks will not approve your application because they see short term employment and probation as high risk. There are only two lenders that take a more reasonable approach and will consider even 1 day employment and probation up to 95% including LMI.

How much can I borrow?
Period of EmploymentMaximum borrowingProbation Acceptable?Notes
1 day - 3 Months90% - 95%YesAssessed on a case by case basis by only one lender.
3 - 6 months90% - 95%YesConsidered high risk, must evidence strong previous employment history.
6 - 12 months95%YesConsidered lower risk and acceptable by most lenders.

You work hard to meet your targets for an end of year bonus or quarterly bonus in addition to your ongoing pay, you've smashed through your targets and you do this consistently!

Perhaps the majority of your income is commission only ? you may have a base income but you make a lot more through commissions?

Most commonly you work a lot of overtime, it's expected in your field. Usually the case for doctors, nurses and police force employees!

What's the issue?

The banks are very conservative when it comes to additional income. Some banks will not include this income as part of your borrowing capacity at all! others will restrict it to around 50%. This conservative approach can have a significant impact on the amount the bank is willing to lend you.

Tell me about the solution!

The good news is there are options! While most banks are very conservative with additional income there are some banks that will consider between 80% - 100% of your additional income. It all comes down to your overall circumstances, how consistent your additional income is and how well we can evidence the additional income. Mortgage Pros know which lenders will accept additional income and can ensure your income is assessed correctly to enable you to borrow as much as you can so you can purchase the most ideal property for your circumstances.

When it comes to assessing your income there are many other types of restrictions that can apply. If you receive any of the additional income types outlined below we strongly recommend you to contact one of our Mortgage Pros who will be able to assess your circumstances and guide you in the right direction:

  • Child Support
  • Family Tax Benefits and Other Social Security Benefits
  • Pension and Disability Income
  • Parenting Payments and Carer's Allowances
  • Workers Compensation
  • Scholarship Income
  • Work Allowances
  •  We were looking to get our next investment property and wanted to get the best deal. We spoke with two of the very large mortgage brokers and were pre-approved. A friend recommended we also speak with Mortgage Pros so we met with the guys and lucky we did!.

    They managed to refinance our existing property and give us money to fund our next purchase. The process was so easy. They also managed to get us a discount below the banks advertised rate! I cannot recommend Mortgage Pros enough. Thank you team and we look forward to working with you again for our next property purchase.

    Bilal and Jowan
  •  My circumstances were a little out of the box! I actually work for a bank as a branch manager so I feel like the dentist that recommends tooth paste in the the television advertisements by writing this recommendation! I had been working with the bank for over 10 years, however had recently moved into a new role and was subject to a 3 month probation period.

    The bank I work with declined my application on this basis alone even though I had a 20% deposit! Frustrated with my circumstances I did some research and came across the Mortgage Pros website! A quick phone call and I was reassured that I would most likely be eligible with a major bank! The end result was a pre-approval within 2 business days at a much lower rate than my own bank and also lower than the recommended banks advertised rates ! These guys are certainly pros! Thank you

    Naj
  •  Just wanted to say a very big thank you to Mortgage Pros! They were able to get us the approval without the need for a deposit in 24 hours. With their help we were able to make it just in time for auction. They also got us a better rate than all our family and friends!

    Peter Ha and Ashley Xu
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    Philip Cao

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