Casual Income - what's the catch?

Casual employment is common in Australia. The pay is (usually) pretty good, the hours are flexible and you can start earning really quickly.

Banks though adopt a conservative stance when it comes to using casual income for loan assessment purposes.

Typically a bank will require you to have been in the casual role for at least 6 months. Some lenders will allow for these 6 months to be spread over more than one employer. Some lenders will accept less than 6 months, but you need to prove your income for the previous financial year and this unfortunately does not include the income you were earning in NZ.

We are seeing a lot of Kiwis jumping into some great casual opportunities, especially in mining, teaching and construction. However, bear in mind that your income will not satisfy lending criteria for a home loan for the first 6 months.

Need to know more? You know where to go!