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Home loans for casual workers
You can get a home loan as a casually employed worker if you've held your job for a while and meet the lender's criteria.
Key takeaways
- It's harder to get a home loan as a casual worker because lenders consider borrowers with casual incomes to be "higher risk".
- But it's definitely possible, especially if you've got a good history of savings, a good credit score and you've been employed for 6 to 12 months in the same job.
- Depending on your employment circumstances you may have to apply for a low doc home loan or get the help of a mortgage broker.
How do I get a home loan as a casual employee?
Casual workers have a harder time getting a home loan. If your employment is less secure you're a riskier borrower. And casually employed workers can easily lose a job or have their hours cut suddenly.
Borrowers who are casually employed have more hoops to jump through and stricter requirements when applying for a home loan.
What lenders look at
- Employment history. You stand a much better chance of approval if you've worked in the same casual job for at least 6 months or even 12 months with some lenders. Ongoing employment in the same industry can help. For instance, if you've had 2 casual jobs in the last 3 years, but they both involved working in hospitality, that can help provide evidence of consistency in employment to the bank.
- Your income. If your income fluctuates a lot each month a lender may factor this in and limit your borrowing power based on months where you earn less. If you're a high earning casual worker (a nurse for example) this will boost your chances of success.
- Your spending and debts. As with any borrower your existing debt levels and monthly spending are very important. If you have few debts and live frugally, you're in a better position.
What is a low doc home loan?
If you're a casual worker and you just can't get a standard home loan application approved you have another option: a low doc home loan,
This is a mortgage that is designed for the self-employed or those who receive an irregular income, rather than a consistent PAYG income.
These types of loans are considered to be riskier than a regular home loan, so they often charge slightly higher interest rates. In some cases, lenders may implement lower LVR caps, which means they require you to save a larger deposit.
The Australian casual workforce
According to ABS figures, 20% of employees in Australia consider their employment to be casual. 2.6 million workers, or 18% of the workforce in 2024 did not have paid leave entitlements (paid annual leave or sick leave), which is a common definition of casual employment.
Source:
ABS employment data
How to compare mortgages for casual workers
Consider the following when applying for your loan:
- Documentation. Whether you're applying for a standard home loan or a low doc loan, the more income evidence you can provide, the better. Any income you receive cash in hand won't be considered as genuine income – you need a paper trail as income evidence.
- Interest rate. If the bank considers you to be a riskier borrower, they may charge a slightly higher interest rate than PAYG borrowers.
- Loan type. You should consider whether the flexibility of a variable rate or the certainty of a fixed rate is better suited to your circumstances.
- Features. Check the list of features being offered and try to find the ones that will be most beneficial to you. Things to look for might be a 100% offset account, redraw facilities and flexible repayment options.
Because applying for a home loan as a casual worker is a little more niche, you might find that a mortgage broker will be able to guide you towards the right lenders and great deals.
How long do you have to be a casual worker to get a home loan?
The more evidence you can give of being in steady casual employment, the better. But typically, you could be approved for a low doc home loan with a minimum of 12 months employment in the same industry. Even with applying for a traditional home loan, you typically need to have been in your current role for at least 6 months.
What if you have recently switched jobs?
That could be ok. You need to prove steady employment in the same industry. So if you've switched to a new job but it's in the same industry, that's probably fine. If you've completely changed industries, you might need to wait another 12 months before you can apply for a loan.
5 tips to boost your chances of approval as a casual borrower
- Save a bigger deposit. If you have a 20% deposit saved up you increase how much you can borrower and your chances of getting a loan approved.
- Try to work more shifts or boost your income before you apply. If you can increase your monthly income over several months before applying this puts you in a stronger position.
- Cut down on your spending. Similarly, finding ways to limit your spending in the months before you apply can boost your borrowing power.
- Check your credit score. Check your credit score before you apply. Ideally you want to have a Good or Excellent score. But you might also discover a missed or late payment you've overlooked. Sorting that out will lift your score.
- Lower your credit card limit. Having a credit card helps you build credit, but a high credit limit is a risk. Lowering your credit limit before you apply for a home loan can give you a slight edge.
- Talk to a mortgage broker. Mortgage brokers are home loans experts who can help those with casual employment to find a home loan which suits them. They have access to a range of lenders, so can compare home loans on your behalf to find the best option for you.
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Hi I am 48 have worked in the same industry for approximately 5 years casually and full-time sole trader (2years) I have $200,000 inherited funds to be used as a deposit not eligible for first home owners. How likely is it that I will get a home loan for around $600,000 total house cost $800,000?
Hi Terry,
It sounds like you have a decent deposit to put towards your home purchase, which is great! Your eligibility for a home loan will depend on your income and serviceability, along with your other debts and bills. For instance, if you have credit cards or personal loans, the amount you can borrow for a home loan will be lower. Your best bet might be to speak to a mortgage broker and see what your options are (they are free, as they get paid by the banks). Best of luck!
I have been working for a company for 4 year’s and recently moved to the same position but as a casual. I have been in this role as a casual for 6 weeks and will continue for another 5 Months until I take up a new role with a different company.
I want to buy a property with My Parent who is retired but wants to do this as joint tenancy so if she passes her half will pass onto me.
Can this be done?
Hi Alfred,
It is possible to get a loan as a casual employee. Partnering up with your parent could help you demonstrate to the bank that you have the capacity to pay your mortgage payments.
Keep in mind that there are a number of factors that come into play when it comes to loan approvals and co-owning a property. Typically, a bank or lender will ask you for the last two years’ worth of tax records to prove that you have been continuously employed.
If you’re planning to submit a joint application together with a parent, it’s best to check the lender’s eligibility, requirements and relevant terms and conditions. You may also want to consult a mortgage broker. On the top left of this page you’ll notice an option that says ‘Brokers’. Click on this to get a dropdown list of brokers; click on the name of the broker you want to learn more about, and you’ll be redirected to the Finder review page. From there, you can select your area and you’ll be connected to a broker in your area to help you with your home loan.
As for joint tenancy arrangement, under this arrangement, the ownership of the property is split 50/50. If one joint tenant dies, their share of the property is automatically passed to the surviving joint tenant regardless of what their will says. Given your unique situation, it’s worth considering getting professional advice from a solicitor or conveyancer.
Cheers,
Sarah
Hi, I have a causal job and wounding to brow around 70,000 to 80,000 is there any that could help me,Regards Ellie
Hi Ellie,
Thanks for getting in touch.
Typically, it can be difficult to qualify for a home loan as a casual worker as most lenders view you as a high-risk borrower as you do not have a stable source of income. But do not worry, each lender will treat these types of applications on a case-by-case basis so it will depend on the lender’s eligibility criteria and the type of home loan that you’re applying for.
Keep in mind that the lender will review your income sources, assets, liabilities and debts (e.g. personal loans or credit cards) to determine your propensity to repay the loan.
To further help you, we have a guide that explains how banks treat bonus or irregular income which you might find useful. Generally, if you can prove to the lender that your income is paid regularly and if you provide them with a letter from your employer outlining the nature of your employment, then the lender may view your application more favourably.
I suggest that you enquire with a mortgage broker who will help you understand your borrowing options. However, you may want to consider approaching specialist lenders as they may have more lenient eligibility criteria.
All the best,
Belinda