Casual employment can make loan applications a little more complicated, but it doesn’t mean you’re out of options. Lenders have different policies regarding casual work, so understanding how they assess your situation can help you improve your chances of approval.
Many lenders are cautious about approving loans for casual workers due to responsible lending guidelines. Their main concerns include:
While some lenders are strict, others take a common-sense approach and consider:
If you’ve only been in a casual job for a few months and don’t have a stable employment history, getting approved by a prime lender can be tough. Lenders prefer applicants with a proven track record of consistent earnings.
Most lenders require at least six months in a casual role to consider your income stable. Some may require 12 months, depending on the nature of the job. The longer you’ve been employed, the better your chances of approval.
If you’re worried about how your casual employment will impact your loan application, reach out for advice. I can assess your situation and suggest the best way forward.
Absolutely. Even if casual employment poses challenges, it’s often worth exploring available lenders to find the best possible loan terms. Every case is different, and with the right guidance, you may still qualify for a loan that fits your needs.