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Since the Covid Pandemic an increasing number of people are choosing flexible working opportunities to successfully combine both their lifestyle and their income commitments.

However, many home loan applicants have found that their bank is apprehensive towards them and it is because of their irregular working hours. They don’t seem to fit into the strict lending guidelines set out by banks and they are not seen by banks as holding down a stable employment with regular income.

A Non Conforming Lender will be familiar with the lending guidelines and credit policy requirements of a number of non bank lenders/credit providers who will accept Unusual Employment and Income with a Near Prime Loan.

What are the Common Unusual Employment and Income Types?

Below are some of the common unusual employment and income types:

PAYG (pay-as- you- go) contractors

Casual workers or Second Job

Part-time workers or on Probation

Self-employed individuals

Sub-contractors

People with other forms of income

Type 1 – PAYG Contractors

PAYG contractors are employed via an agency or directly via their employer. This form of employment is now common in a variety of fields such as:

Medical

Teaching

Engineering

IT (Information Technology)

Mining

Project Management

Construction

Government

If you are a PAYG contractor and you are looking for a home loan here is a list of things that lenders/credit providers will require you to provide:

You will be required to provide a copy of your most recent “Employment Contract”, with income details listed and you will need to provide evidence that you have had employment in the same industry and that you have a good track record in your chosen industry.

You will need to provide evidence that your employer or employment agency takes care of your income tax and superannuation contributions for you and show copies of latest pay slips.

Note: If you are not on the direct payroll of an employer or employment agency, you may be treated as being self-employed.

Type 2 – Casual Workers or Second Job

This type of employment applies to people working on a casual basis in the following industries:

Restaurants

Retail

Teaching and Tutoring

Nursing

Childcare

Trades

Drivers

Cleaners

If you are a casual employee, you will generally need to provide evidence that you have been employed at the same place or industry.

Type 3 – Part-Time Employees or on Probation

If you are employed on a part-time basis or on Probation you will find that non bank lenders/credit providers will generally require you to:

Provide evidence that you have been employed at your current employment for at least 6 months

Provide copies of a computerised pay-slip covering a minimum of two (2) pay cycles in order to confirm details of your base income and a signed letter of employment from your employer listing details of your current base-remuneration.

Type 4 – Self-Employed Individuals

You are categorised as self-employed individual when you are paid through your ABN even when you are conducting freelance work as a journalist, photographer, tour guide, etc. In such a situation, you will find that most Banks will require you to provide evidence that you have a regular income to sustain a loan. This includes providing evidence that you are a business owner or partner and you have been trading in your current business for at least 24 months.

For a Prime Bank Loan you will be required to provide copies of your most recent Personal and Business Income Tax Returns and business financial statements, reflecting two (2) years trading activity.

For a Non Prime Bank Loan you have a Low Doc Home Loan option for Self Employed Australians where you can supply a declaration of income with either:

Accountants Declaration of income

6 months of lodged BAS statements

6 months of Business Bank statements

Note: If you conduct freelance work with an employer, you may find that lenders/credit providers may require you to provide a copy of the written agreement between you and the employer that outlines your pay and conditions.

Type 5 – Sub-Contractors

Sub-contractors have specialized skills and they are generally employed by a primary contractor to provide specialized services in a variety of fields such as:

Building and Construction

Mining

Civil Engineering

IT (Information Technology).

Note: Many sub-contractors have little to no overheads and no staff and most are typically self-employed. In a sense they are similar to PAYG contractors.

Type 6 – Other Forms of Income

If you receive other forms of income and you are unsure if it is acceptable you should seek help from a Specialist Mortgage Broker. These other forms of income can include:

Centrelink payments and Pensions

Commissions and Bonuses income

Trust Distributions income

Car /Shift and other Allowances

Annuity Income from Superannuation

Director’s fees

Second Job income

Investment income (i.e. Dividends received from publicly listed companies)

Child Support Court Ordered Maintenance payments

Salary Sacrifice

Foster Care Income

Superannuation Income (Pension or Annuities)

Trust Distributions

Oversease Income

Maternity Leave

Seek Expert and Professional Advice

If you still have doubts regarding your employment status and want to obtain a Home Loan you can seek help of an experienced mortgage broker or Non Conforming Lender because they will have experience of dealing with many non bank lenders/credit providers on a regular daily basis.

A Debt Consolidation Home Loan can Help you take Control of your Finances

Are your debts getting out of hand and you want to take control of your finances? If you have answered yes, you should consider the possibility of refinancing your current home loan and combining your multiple debts with a debt consolidation home loan (e.g. credit cards and other personal loans) into one home loan.

How does the process of Refinancing My Home Loan to Consolidate My Debts work?

You simply consider applying for a new loan on your current property and you use this new loan to pay out your current home loan and any other debt you may have (e.g. higher interest credit cards or personal loans)

How Can I Benefit by Refinancing My Current Home Loan and Consolidating My Debts?

You too can benefit in the same way that many Australians are already benefiting by refinancing your current home loan. This will enable you to:

Lower your monthly repayments

Make only one repayment

Lower your interest rate

Reduce the amount of time it takes to pay off your home loan

Get yourself back in control of your debts much sooner than you anticipated

You will not have to experience the stress and pain of overdrawn or over the limit credit card balances

Reduce your debts (including eliminating high interest credit card debt and personal loans)

You will not have to pay the higher credit card interest rates anymore

Who can enjoy the Benefits of Refinancing?

Refinancing may benefit you even if you fit into one or more of the following categories:

Irregular income

Short-term employed or not employed long enough

Self-employed

Previously bankrupt or Part 9

Declined by another lender

Bad credit history

Existing loan arrears or defaults

What Should I Consider When I Am Applying for a Refinance Home Loan?

Make sure, the refinancing and debt consolidation process is beneficial to you. I suggest you to consider the following outcomes at the time of applying for a refinance home loan and confirm in your own mind, if the outcomes are to your benefit:

You are kept fully informed

Your repayments will be reduced – not increased

There are no hidden fees or costs

You have achieved control over all your debts

There is a real long term benefit to you

Not all lenders allow equity release to consolidate debts contact a Debt Management Mortgage Lender

So, don’t spend your money in making high monthly repayments. Take full control of your finances and contact a debt consolidation specialist who will provide you with expert advice on refinancing your current home loan to consolidate your debts.

Are you looking for a way to fund your kids’ college education? Do you imagine taking the holiday of a lifetime? Would you like to buy a brand-new car and possibly be able to deduct the interest from your federal taxes? Would you like cash for house improvements? Perhaps you are interested in having a method to buy your new dream house while your present home is still on the market waiting to be offered? You are probably believing about getting an equity release mortgage loan if any of these scenarios apply to you.

If you owe $500,000 on a house that is worth $1,000,000, you could re-finance the amount you owe and take up to $400,000 in a money loan against the equity in your house. As great as a equity release mortgage can be, there are a few things to believe about prior to you deciding to take out this type of loan.

How high are the costs to refinance?

If you currently have a great interest rate on your loan, refinancing so that you can get a cash out choice, may suggest paying a higher interest rate on a new loan. In that situation, you may desire to think about taking out an unsecured personal loan instead of a money out refinance mortgage loan.

How quick do you require the cash?

It takes less time to see your money when you take out a unsecured personal loan but rates are much higher. Often, it can take up to 30 days to process an equity release mortgage, so if you require the cash right away, it probably isn’t the best option.

Taking unsecured cash versus releasing the equity in your home can be faster, however constantly compare taking a re-finance mortgage loan versus the choice of getting a personal loan and choose the strategy that is best for you.

Does it make good sense to refinance your mortgage loan?

For some individuals it does; for others, there is no real advantage. If you are considering taking advantage of your home’s equity, make certain to discuss all your refinance alternatives with a great monetary coordinator and understand just what the pros and cons are for your specific scenario.

Lots of people discover a re-finance a feasible alternative to taking out other pricey loans that might not have the same benefits as a house equity loan. Some refinance mortgage loans even have a lower rate of interest than what you are currently paying so it pays to have a look at all your options and make the very best choice for you.

Usually, refinance mortgage loans are taken out by people who wish to tap into the equity they have actually built up by paying down the principal on their home mortgage. For this reason, re-finance home loan loans are also often referred to as house equity loans.

Lots of lenders are ready to provide a refinance home mortgage loan if you have equity in your home, and you may select to re-finance to get money for something you want or need such as a vacation, house enhancements, or a college fund.

All Australian Mortgage Lenders and Brokers must be licensed with ASIC. To help guarantee your Mortgage Lender is reputable and legitimate, check to see if your lender is certified.

Thoroughly evaluate all charges and costs– your lender is required to offer you a “good faith quote”– plus the fine print, like loan terms and prepayment penalties. If the fees seem too many or too high, look for a different lender.

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You can spend it like cash at thousands of merchants to take PayPal, transfer it to your bank account for free, or give it to a friend or family member for free when you earn free PayPal.

We’ll go over some frequently asked questions about getting a free PayPal gift card and how to get one.

Is There a Way to Receive a Free PayPal Gift Card?

You can earn free PayPal in a variety of ways. It is essential to note that PayPal gift cards cannot be purchased in physical form. When you get “free PayPal,” you get cash from PayPal or funds deposited into your PayPal account for free.

Earning free PayPal rewards from reputable reward sites and apps is crucial for this reason. You can also choose to receive a prepaid Visa card or a check in the mail with some of the largest sites, like Swagbucks. After that, you can manually transfer those funds to PayPal. Remember however that a prizes site needn’t bother with your bank data to put aside a PayPal installment. They simply need your first and last name and the email address you have attached to your PayPal. Most of the time, the biggest worry is if you give the wrong email and the money goes to someone else and you can’t get it back.

Rewards Sites and Apps Where You Can Get a Free PayPal Gift Card Here are some of the most well-known and reputable websites that give away free PayPal cards:

• Swaggers: Participating in paid surveys, shopping online (with cashback), browsing the internet, answering trivia questions, and playing games all result in free PayPal gift cards. Sign up for Put cash back in your wallet• InboxDollars: Take surveys online, read emails, play games, scan receipts for your weekly groceries, and more to get free PayPal money. When you first sign up, you’ll get $5 for free. Sign up for InboxDollars • Tada: Your grocery, drug, and gas station receipts magically become cash with the help of this powerful shopping app. Tada! Take a picture of your receipt to get cash back when you buy gas, featured supermarket products, or anything else. With your phone, you can do it easily. Join Tada and earn points: Make unconditional gift vouchers or PayPal money when you shop at your #1 internet based stores. You can exchange the rewards points you earn on eligible purchases for the prize you want. Shopping at stores where MyPoints increases the cash back reward amounts is one of many ways to earn bonus points. Join Ibotta and MyPoints: Use your grocery receipts to get free cash. You can get cash back rewards when you buy featured items at stores that are participating. You will need to watch videos—short commercials—about the products in order to take advantage of some of the cash back offers.

• Survey addict: Earn points by taking surveys. You can exchange your points for free PayPal money (which will be deposited into your PayPal account) or a gift card.

• Revenue Hog: Acquire virtual “coins” for buying select things and filtering your supermarket receipt. Use your coins to get a free gift card or PayPal.

Does PayPal Have Actual Gift vouchers?

You are unable to purchase or add gift cards that are branded with PayPal to your PayPal wallet:

• Prepaid Visa cards • Prepaid Mastercards • Prepaid American Express (AMEX) cards • Prepaid Discover cards When you add one of these prepaid gift cards to your PayPal wallet, you can use the money just like you would with cash any place that accepts PayPal.

A PayPal gift card and a prepaid Visa credit card are kind of the same thing in a sense. When you add a $50 prepaid Visa card to your PayPal account, you get $50 to spend with PayPal.

What is the Giveaway of PayPal Gift Cards?

As of the date this article was published, GooglePlay is currently offering a free $10 PayPal gift for your first $5 or more of GooglePlay purchases.

You can likewise acquire up to $10o in free PayPal when you welcome your companions.

Invite a friend to join PayPal who doesn’t already have one.

At the point when your companion spends or sends somewhere around $5 utilizing PayPal, you both get $10 free.

You can earn up to $100 in free PayPal by inviting up to ten friends. That could be free money, even if your friend isn’t really “into” PayPal. They can send someone $5 and get $10 for free. What an easy task!

Other giveaways sponsored by PayPal that are not specifically sponsored by digital wallets, money management,and more are not legitimate.

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