How to get a loan or a mortgage without a full time job


For many people across Australia having a full time standard job seems to be norm, this is drummed into us from an early age. You need to do well at school so that you can obtain qualifications to get a job when you leave. This usually involves full time employment, also known as a career, which for most people is just fine.

However a growing number of people in Australia are choosing a different career path and changing the way they work, which doesn’t involve the standard 9-5 full time job. Not having a full time job doesn’t necessarily mean being unemployed, and with the explosion of online work now available people are choosing to work for themselves.

Online work comes in all shapes and forms for example a popular way is mixing pleasure with work such as writing travel blogs or food blogs, another popular way to make money online is buying and selling on websites such as ebay. However the trouble with online work is that can present a lot of problems when it comes to applying for a loan or a mortgage, as most lenders require you to have a full time job as a guarantee for repayments, as this can provide all the necessary documentation such as tax statements and proof of income.

So below I have made a little guide on how to overcome the obstacle of not having a full time job but still be able to get a loan or mortgage.

  • Hire a mortgage broker

Mortgage brokers work with many different lenders, so when it comes to applying for a loan which is not atypical, speaking to specialist mortgage broker could be the best start to secure a loan. This due to the fact that independent mortgage brokers know several lenders who are much more flexible for people who are not in full-time employment.

  • Search the internet for an online loan

Many online loan companies understand that not everyone who wishes to apply for a loan or mortgage has a full time job; after all they also conduct their business online so there is mutual understanding from the get go. Many online loan companies cater for this grey area when it comes to getting a loan. One such company leading the way is State Custodians who specialise in low doc and self-employed home loans.

  • Make sure you have a good credit rating

Having a good credit report or rating can help prove that you are responsible when it comes repaying your loan or mortgage, so by bringing all your payments and debts up to date or by lowering your debt to income ratio can be a decisive factor in the lender saying yes. If you do not have great credit, note that Positive Lending is an Australian company specializing in loans for people like this and they have a ton of good credit resources available on their site.

  • Gather documentation

Keep hold of all your documentation for the last 2 years such as bank statements, online sale receipts, pay slips from any part-time work you may have done this can include freelance work or contract work and investment portfolios. Having an abundance of documentation showing your income may secure the lender agreeing to the loan.

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