Perhaps PF could clarify the eligibility for a mortgage from P/T workers?
Can a couple as P/T workers get a mortgage?
Although a little harder - yes. Even casuals or self employed can get loans.
Quote:
The lender and / or mortgage insurer will require certain documents to verify your employment details such as tax returns, pay slips and may even contact your employer directly. An outline of what might be acceptable employment status follows:-
-Permanent P.A.Y.G. employment - a minimum 6 months in your current employment. If you have been less than 12 months in your current employment, you must have been in your previous employment for at least 2 years and in the same field. -Permanent part-time employment - a minimum 12 months in your current employment. -Casual - a minimum 12 months and in addition to your normal employment. Caution will be exercised if casual employment is the only source of income. -Second Job - you must have 2 years continuous history in the position. -Self employed - at least 2 years trading in the current business. -Contract employment - A minimum of 12 months in current employment is required in this instance.
One would suspect the problem with the part time worker would be income and serviceability.
Potential yes. Just the same as any low income earner.
Pauk's claim that part time workers can't get finance is demonstrably wrong.
Most mortgagors are a couple. Sometimes one only works part time. It may be no different than one working full time on a low wage. I know a guy who works part time and earns more than the median wage. I also know couples where one works part time (mostly due to parent responsibilities) but the household income is above average. I'm sure there are also households that include part time workers that earn less than average.
Potential yes. Just the same as any low income earner.
Pauk's claim that part time workers can't get finance is demonstrably wrong.
Most mortgagors are a couple. Sometimes one only works part time. It may be no different than one working full time on a low wage. I know a guy who works part time and earns more than the median wage. I also know couples where one works part time (mostly due to parent responsibilities) but the household income is above average. I'm sure there are also households that include part time workers that earn less than average.
Whilst technically they may be eligible for a loan it might be much harder for them to pass serviceability of obtain a loan requiring mortgage insurance.
Perths in big big trouble and the cracks are showing, this is not going to end pretty.
Your deluded fantasy land paradigm of ''houses have never been cheaper'' ''the young are whinging whiners'' blah blah blah cant change it!.
The bears are coming in shooter Macgavin's style to get your house on the cheap grandma & there's nothing u can do about it!
Sure Mr Preacher man sure the world will collapse for everyone else and you will emerge with your caskets of gold and buy everyones homes on the cheap.
You have been consistently wrong on your calls for Perth for years. Yet you still live in these silly fantasies of yours.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Leftee there is a time and place when predicting a likely slowdown is a sensible thing to do.
The tail end of the GFC with prices already considerably deflated in a State with huge oil and gas finds and new gas facilities coming on line and massive exports of iron ore is not a sensible time to bet money on house prices falling.
All the Perth bears have missed the bottom of the cycle. Some of these are young people who are paying a big price for listening to rubbish.
Do you seriously believe Perth will never emerge from the downturn? Do you seriously think prices will stay much longer at the levels last seen in 2007 and even less? Have you lived through a cycle before?
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Yes. I have spent my entire life in a town at the end of the mining and resource production chain. I am very well acquainted with the reality of boom and bust.
The facts of the matter are that most of the benefit to the local economy from resource investment booms comes from the investment phase and arguing otherwise will not magically change that fact.
The fundamentals suggest to me that it is most likely that a significant downturn is not behind us, it is just starting. Economic downturn that is - as I've said before, house price movements are not strongly attached to economic fundamentals anymore so could go any direction. But the fundamentals are pointing the opposite direction to that which you suggest.
Latest ABS job vacany figures do not appear to reconcile with their own recorded growth in employment last month. Sorry, not sure how to post links from this thing.
There appears to have been a very modest rise, at levels continuing to be far below what was on offer a number of years ago. This is difficult to reconcile with the biggest boom in jobs growth on record over the same time period.
We should never discount anything out of hand but I am now almost certain that last month's labour force figures represent some kind of unusual statistical artifact.
Latest ABS job vacany figures do not appear to reconcile with their own recorded growth in employment last month. Sorry, not sure how to post links from this thing.
There appears to have been a very modest rise, at levels continuing to be far below what was on offer a number of years ago. This is difficult to reconcile with the biggest boom in jobs growth on record over the same time period.
We should never discount anything out of hand but I am now almost certain that last month's labour force figures represent some kind of unusual statistical artifact.
You should just touch it once to select, then touch and hold to give copy option, then touch and hold to paste. Apparently you can even do screen prints, but I've never tried.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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