Simply put, the banks are very interested in where you get your income from. This is so the can assess their credit risk when deciding on :

1) If they will lend to you
2) How much they will lend you
3) The interest rate, their fees and other conditions the lender will charge.

Of course, the banks consider other facts in your application too, such as the type of property you would like to purchase, your general financial position, the amount of your deposit, your credit history etc. However, you income situation is quite important and a summary will be outlined here.


Standard PAYG Employed (Full time Permanent)

If you are in full-time PAYG employment, have a permanent contract, have worked for your current, have completed your probation period, have been with your current employer for at least 12 months and have a stable work history in the same career previous to your current job, then you should have absolutely no problems getting a mortgage with any bank in Australia. You will be eligible to choose between various banks and lenders and have assess to all their products at there best rates. Please note that this covers your employment situation only. You will still be assessed for other variables, eg your deposit and credit rating.


Non-standard PAYG Employed

Casual Employment

How can I get a home loan as a casual worker? Many Australians work in industries such as hospitality where it is normal to be casually employed. Of course the credit departments of banks are full of full-time employees, so what do they know about being casual? Not much! And it shows in their lending guidelines.Read on to find out how the banks think and how to show them that your loan application should be given the stamp of approval!

Frequently Asked Questions – Click on question for more information

1) Do you qualify for a home loan? How can you get approval?
2) Who is this loan for?
3) Who should not apply?
4) Are you a casual teacher?
5)How much can you borrow?
6)How do lenders calculate my income?
7)Which lenders can help?
8)Which loan types are available?
9) What can I use the loan for?
10) What are the loan features?
11) Any Discounted Products?

Part Time Job

Can I get a mortgage while I’m working just part-time?
Are you working a part time job for lifestyle reasons?
Australian lenders are notoriously conservative when approving home loans for people working P/T.
They require you to be in your job for longer than F/T employees and may even take less of your income into account.
The secret to getting your home loan approved is to apply with a lender that will use a common sense approach when assessing your income.
Read on to find out which lenders can help you.
1)How much of my income will the bank accept?
2)What documents will I need to provide?
3)Why are the lenders so conservative?
4)What if I increase my hours?
5)Can I get approval with a major bank?

Temp / Agency Worker Home Loan

Are you employed by an Agency? Often agency workers choose to work through an agency to earn a higher income or to get a fresh job every few months.
Your career is your choice and you shouldn’t have to change it just to get a bank loan!
So how do you get your mortgage approved?
We know which lenders can help. Read on to find out more.
1)How long would have to have been working?
2)Working in your temp/agency job for less than 12 months?
3)Which lenders can help?
4)What do lenders think?
5)How can I get approval?
6)What is an agency worker?
7)What is a temporary worker?
8)Duration of your employment.
9)What benefits do I receive, eg health, study leave etc.
10)Advantages and Disadvantages of Agency work
11)Which loan types are available?
12)How much can I borrow?
13)What can I use the loan for?
14)Who is this loan for?
15)Who is this loan not for?
16)Any Discounts available?

Overtime Income Home Loan

Lenders often do not consider overtime income when they assess a home loan.
However in some cases they will require you to provide them with evidence of your long hours for a year or even for two years.
If they see that your overtime income is regular and substantial then they may consider 50% of that overtime income when assessing your loan.
1)Will the banks accept 100%?
2)What do I need to provide?
3)What if I can provide pay slips only?
4)What other factors do lenders take into account?
5)Will I get approval?
6)Which lenders can help?
7)What is overtime income?
8)Why are lenders so conservative?
9)Which loan types are available?
10)How much can I borrow?
11)What can I use the loan for?
12)What type of discounts are available?
13)What loan features are available?

Shift Allowance Home Loan

Do you receive a shift allowance or penalty rates?
The way workers are employed in Australia has been changing over the last 20 years.
Despite this, many lenders will not take your penalty rates into account when assessing how much you can borrow.
1)Who is this for ?
2)How much of my shift allowance will be included?
3)Will my shift allowances be included?
4)What documents do I need to provide?
5)Which lenders accept shift allowance?
6)Why are lenders so conservative?
7)Which loan types are available?
8)How much of the property value can I borrow?
9)What can I use the loan for?
10)Any Discounts?
11)What Loan features are available?

Second Job Home Loan

Is your bank is ignoring your second income?
Do you have a second job, third job or even multiple jobs or income sources?
If you do, you may find it difficult to convince your bank to include & assess all your source of income from all your jobs.
But which banks take that view and how can you ensure that all your income counts? Read on to find out how to get your loan approved…
1)What is a second job?
2)Why do people get a second job?
3)How much of my second job income will the banks accept?
4)Which lenders will accept 100%of your second income?
5)How much can I borrow?
6)What do lenders think?
7)Why are lenders so conservative?

Bonus Income Home Loan

Yes, some lenders accept bonus income!
A bonus is basically income that is not part of your regular monthly salary. Many employees receive end of year bonuses or quarterly bonuses that do not form part of their ongoing pay. The bonus may be offered as a reward to an employee who consistently satisfies the Key Performance Indicators (KPIs) within a certain time frame.
Alternatively, where an employee completes a set task in a highly impressive manner, their employer may reward them with a bonus.
1)Who is this loan for?
2)Can my Bonus Income be included?
3)What do lenders think about bonus?
4)What documents do I need to provide?
6)How much can I borrow?
7)What can I use the loan for?
8)Any Discounts Available ?
9)Available Loan Features

Commission Income Home Loan

1)What is commission income?
2)Who is this type of loan for?
3)How much of your commission income will be accepted by the banks?
4)What do lenders think?
5)Which lenders will consider commission income?
6)How do lenders access your commission income?
7)What do I need to provide?
8)Which loan types are available?
9)How much can I borrow?
10)What can I use the loan for?
11)Are any discounted products available?
12)Loan features

Contractor Home Loan

With labour shortage gripping Australia, many people have taken the leap into contract employment to secure better pay.
At the same time more companies are outsourcing departments and staff to become more efficient.
Lenders often outsource their staff themselves, but strangely enough don’t seem to understand or support lending to contractors!
Each type of contract worker is treated differently by the banks:

1)Are you a sub-contractor?
2)Are you a PAYG contractor?
3)Are you a self-employed contractor?
4)Are you a mining contractor?
5)Are you an IT Contractor?
6)Are you a construction contractor?
7)Are you a freelancer or journalist?
8)What do the lenders think about contract workers?
9)What documents will I need to provide?
10)Which lenders can help?
11)Which loan types are available?
12)How much of the property value can I borrow?
13)What can I use the loan for?
14)Who is this loan for?
15)Am I able to get a discounted product?
16)What are the loan features?