Getting a gig can help you get a loan

How does the gig economy affect borrowers?

07 Mar 2019 | Home finance & property | Share:
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More and more Australians are taking on non-traditional modes of employment, be it casual, self-employed or contract work.

Platforms such as Airtasker, Airbnb, Uber, Freelancer and Deliveroo have opened alternatives to traditional employment and offer a way to supplement core income.

But this growing pool of workers may face more hurdles when it comes to home-ownership than their more traditionally employed peers.

Custom lending

Recent research from Freelancer shows that the most-outsourced jobs relate to data-entry, excel, proofreading and article writing.

Unions NSW estimate gig economy work adds $504 million to the state’s economy annually and provides income for 45,000 residents.

However, assessing the income of a self-employed or “gig economy” worker can be more challenging because the income isn’t steady and the tax position is unknown.

While banks may avoid borrowers with a less-than-regular income, specialist lenders like Liberty can look to different ways to confirm your income is sufficient for a loan.

Can gig work get me a loan?

While income from some gig economy work, such as Airbnb can be assessed as part of your income, it is not straightforward.

Different lenders will have views on what they do and don’t accept, so it pays to get the assistance of a mortgage broker to advise on which lender can help your particular case.

Contact a Liberty Adviser to find out more about how gig economy income might obtain the loan you need for a car, home or other personal expenses.