AUSTRALIAN CAPITAL LENDING ON UNUSUAL EMPLOYMENT

The definition of ‘unusual employment’ differs slightly depending on the bank or financial institution, but it predominantly consists of the following: the casually employed, the recently self-employed, freelancers and contractors, and those on probation period. In the process of attaining a home loan, it is your work history that is most open to interpretation, and therefore must be presented to the bank or financial institution in a diligent and organised manner.

The ‘deep dive’ that the bank or lender takes can prove somewhat invasive, and their questions on your financial situation can be abrupt, but if you are prepared and ready for the what kind of queries the lender will raise you will significantly increase your chances of getting your home loan approved.

You must present a clear, concise picture of your financial situation, providing your income validation, as the better the lender understands your financial situation, the better placed your chances will be to attain your home loan. Before applying, it is important you consider your credit rating, and resolve any issues before submitting your home loan application. Cash reserves, too, can help – as it is well-known that the self-employed and those who are contractors experience fluctuating financial windfalls.

It is also worth being prepared to deal with a non-traditional financial institution – i.e.., an organisation other than a bank – as it is highly likely they will prove more flexible. With just under 10 percent of the Australian population now said to identify as self-employed, it is certainly a growing sector. Our team of professional at Australian Capital Lending have helped many ‘unusually employed’ people attain home loans, and we can assist you in achieving your dream of home ownership, too. If you believe you fall into this category, we recommend you contact Australian Capital Lending at your earliest convenience so we can best prepare you for the process of being granted a home loan.

PROFESSIONS THAT CAN BE CONSIDERED ‘UNUSUAL’

  • Mining contractors
  • Filmmaking professionals
  • IT consultants
  • Freelance journalists
  • Small business consultants
  • Authors/ Artists

THE BEST WAYS TO VALIDATE YOUR INCOME:

  • Your ABN
  • Payslips
  • PAYG certificates
  • Third-party supportive documents
  • Tax documentation
  • Correspondence with employers

OUR SERVICES

At Australian Capital Lending, we understand the nature of employment is evolving, and fewer and fewer people are tied down to single full-time jobs. Our team of financial professionals boast decades of experience and come from a variety of commercial backgrounds, and are well versed in securing loans for those traditional institutions term as ‘unusually employed’. For our expert advice and assistance, contact Australian Capital Lending now!