Lender Employment Criteria for no deposit loans.

Firstly, most lenders require you to be employed. Income is calculated differently by all lenders and casual, part time, and full time income is also calculated differently. Also length of employment can make a difference also. Most lenders require the primary applicant to be full time employed for at least 6 months with the same employer or part time/casual for more than 12 months in the same industry. If you are part time/casual for 6 to 12 months then your income may be assessed at 50%. If you are not employed you may need to consider a guarantor home loan or if you are on a permanent pension then you could be a secondary applicant, or if you have 5%-20% of the purchase price you may be eligible for a low doc loan.