Casual and contract employment is now the norm in the Australian economy according to new research. But people in part-time employment, tradespeople, consultants, franchisees, self employed, small business owners and anyone who is not a permanent full time employee can suffer extreme discrimination in the credit market. People who don’t have a permanent full time position can often find it difficult getting a home loan, personal loan, car loan or credit card.

And there is no relief in sight. New consumer credit laws will make borrowing money even more difficult for casuals and contractors.

According to Chris Gration from credit reference agency Veda Advantage, “the new consumer credit code and more positive credit reporting like repayment histories will assist lenders in making better credit decisions.”

“And the licensing of credit providers means they have to verify your income. That will presumably lead to less defaults and problems but could possibly also raise equity issues in terms of access to credit for many groups of people in the future,” said Chris Gration.

Intellichoice has alternative home loan solutions for people in part-time employment or contract workers. Find out more about their non conforming home loans and low doc home loans for self employed people by calling 1300 55 10 45 or visit www.intellichoice.com.au for details.