Borrowing money directly with a temporary contract is, despite the sharp increase in the number of temporary contracts, still many times more difficult than borrowing money with a permanent contract of indefinite duration. It is true that it is slowly but surely starting to get better. There are, for example, banks that can fully take the income with them during temporary employment. You must then meet a number of additional conditions. However, borrowing money with a temporary contract was easier years ago.
Borrow money with a temporary contract for a year or a half year
If you have a temporary contract for a year or for a half-year, it may be possible to borrow money. The income is included with most banks, or in most situations for 70%. However, there is also an exception to this. Borrowing money with a temporary contract is very good if you have a house for sale and you are over 30 years old. Your income will then be taken into account in full, just as with a permanent contract of indefinite duration.
It is then even possible to qualify for a loan at the lowest interest rates. Are you younger than 30 years old? Or do you not have a home for sale? Then the banks take your income with you for only 70%. This may mean that borrowing money for you is unfortunately not possible at the regular banks.
Borrow money as a temporary worker
If you have a temporary employment contract, the possibility of borrowing money with a temporary contract is highly dependent on the phase you are in. For example, if you have a phase a temporary employment contract, borrowing money will unfortunately not be possible.
A Phase B agreement is again seen as a “regular fixed-term contract”, so your income will be assessed in the same way as with an annual contract or a six-month contract.
Phase C is the final phase of the temporary employment contract. You are then permanently employed by the employment agency. This is also assessed by the banks as a permanent contract of indefinite duration. Your income is then fully taken into account, the chance that you can take out a loan is therefore much greater than with phase A or a phase B agreement.