First time buyer work / income requirements

[gw83]

Hi,

Just after some general feedback from mortgage brokers as to both the minimum and ideal work / income requirements for a first home purchase.

I understand it is ideal to have full time employment, but would any banks consider part time or even casual income if the loan repayments are able to be serviced.

Mortgage insurance will not be required, so does this help also with banks possibly being more lenient with the above requirements?

Then, what would be the minimum work times required to be eligible for a loan (assuming income comes from an employer, not self employed).

Thanks in advance.

 

[Peter_Tersteeg]

Without mortgage insurance, there's lenders that will fund a loan on a couple of payslips if you've got previous history in the same field, even if you're casually employed. Previous employment history can count for a lot in this type of scenario.

Ideally though, you'd be in a permanent position (full or part time), with 3 months in the job.