First House
By morfessa1
@morfessa1 (190)
Australia
December 17, 2006 9:38pm CST
I really think that I'm old enough and secure enough to buy my first house, the thing is that the bank will only lend me enough money to buy the ugliest looking shoeboxes on the market. I'm a casual but work more hours than full time. My year to date is awesome. I don't get it. Why nowa days is it so hard to get something worth while. Do I have to live in squaller for my first house and then move up or is it that I'm always gonna get nothing but crap unless my parents are rich?
6 responses
@babray06 (1787)
• India
18 Dec 06
Banks or for that matter any financer feel that if a person has a steady source of income then there is more chance that they will repay the loan, which they feel is possible only if a person works in a permanent job. I think you can try with showing some other security which you have against which the Bank will approve you.
@morfessa1 (190)
• Australia
29 Dec 06
I've seen the bank since and they've told me that they can lend me money for my first house 3 months after I start in a casual job. The only problem is that the amount that they'll lend me will get an out house. I don't want to live in squaller near squatters.
@aimee750 (1116)
• United States
18 Dec 06
I know when I went to buy my first house the banker told me they look for people with stable employment. He said they prefer you have been with the same employer for the last three years and have maintained income for the same time period. They are just trying to cover their butts.
1 person likes this
@meeshee1 (188)
• United States
28 Dec 06
Actually I heard as long as you have been in the same LINE OF WORK for at least 2 years, it doesn't matter how long you have been at your job. Most mortgage lenders want to see that you are able to maintian employment in your basic field of expertise. Of course, having a stable job is definitely a big help :)
1 person likes this
@baysmummy (1637)
• Australia
18 Dec 06
I think that it has alot to do with you having casual employment although you do alot of hours you are still only casual, and i do find that banks tend to favour the people who are actually in full time employment not casual, i know what you mean because for the next 3 months my fiance will be in casual employment although he does 50 hours a week. I think it is because if you are casual your boss can get rid of you at anytime and you are left with nothing, but atleast with fulltime employment your job is more stable, Maybe you should speak to your employer about putting you on full time!
1 person likes this
@morfessa1 (190)
• Australia
30 Dec 06
I'm quite sure I should be reporting this as I don't feel it has much to do with my subject.
