Casual Employment Question

[investor_eddie]

Hey guys, I work in the security industry which is mostly casual employment. I've been with my company for 4 years now but my hours have recently been cut. I want to buy another IP in 6 months. If I get a 2nd job still in security will the bank combine my income from both jobs if I've been working for the new company for only 6 months?

 

[Rolf Latham]

Hi Eddie

Depends on a few things, such as is the second job hours sustainable, is the loan amount over 80 % LVR.

Most lenders will be ok with 12 mths, only a couple will look at 6 or less

ta
rolf

 

[Aaron_C]

Yes as long as LMI is not involved it will be a lot easier to get the loan. Then you are just looking at bank policy - which as rolf has said varies.