Types of Employment

●Full-time employment

Full-time employees are employed permanently, meet all requirements during their probation period and have worked in their current job position for at least three months. Full-time employees work at least 38 hours per week.

●Permanent part-time employment

Permanent part-time employees are employed on a permanent basis or on a fixed term contract, meet all requirements during their probation period and have worked in their current job position for at least three months. Permanent part-time employees work less than 38 hours per week.

●Casual employment

Casual employees have flexible employment. They work irregular hours and days. Since employment is not guaranteed or fixed, the termination of a casual employee can occur without notice.

●Sole traders

A sole trader or a self-employee is someone who manages and operates their own business. 

●Company / Discretionary Trust / Family Trust

A company is a legal entity that is regulated by the Australian Securities & Investments Commission (ASIC). It is run by its directors and owned by its shareholders.

A discretionary trustee holds the trust property for the benefit of the beneficiaries. A trust beneficiary can be a person, a company or the trustee of another trust. Beneficiaries have entitlement to trust income or capital. 

A family trustee is still a discretionary trustee however, only immediate family members (grandparents, parents, spouses, children, brothers and sisters) can be the beneficiaries of the trust. 

The Australian real estate market is always a hot topic and booming with possibilities. Many Australians are looking to break into the market with the intention of living or investing in their new homes or properties. 

Types of Home Loans

●What is an Owner-Occupied Home Loan?

An Owner-Occupied Home is the intended home for living. Owner-Occupied Home loans have lower interest rates than investment loans. They come with a range of features such as an offset account, redraw or line of credit facility as well as the ability to make extra repayments. These features are designed to help you to pay off your home loan sooner which could save you money in the long term. 

●What is an Investment Home Loan?

Investment Home loans require a bigger deposit but allow investors to purchase a property with the intent of profiting off it such as through rent and market growth. When taking out an investment loan, you have the option to choose between a fixed or variable interest rate or a split loan.  There are two repayment types for investment mortgages; interest-only and principal-and-interest repayments. Furthermore, these loans also come with a range of features such as an offset account, redraw or line of credit facility.