Can we get a home loan if my husband's on probation?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Can we get a home loan if my husband's on probation?

Post by Otto Dargan »

Hello Medley. Welcome to the forums.

On probation home loans are available although most banks that would rather prefer that your husband complete probation and have at least 6 months' track record in his current job.

Nonetheless, if your husband is a professional with a stable employment record in the same industry or line of work, then there are a few lenders who can help you even if he may have just started his job.

Before approving your loan, lenders usually assess the different factors related to your application such as:
  • How long your husband has been in your current job
  • How long your husband has been in the industry
  • The risk of default in your husband’s industry (e.g. medicine is low-risk industry while building is a high risk one)
  • Your husband’s employment status (full time, contract, on probation)
  • Your husband’s income stability (overtime, bonuses, commission, etc.)
You can use our probation calculator to check whether you may be able to get a home loan while still on probation.

Our brokers are credit specialists who understand that employees on probation won’t be perceived favourably by some lenders. We work closely with lenders that can consider your mortgage application even if you have been in your new job.

You can enquire online or give us a call on 1300 889 743.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Can we get a home loan if my husband's on probation?

Post by Otto Dargan »

Hi Medley,

People on probation are allowed to lend 90% (in some cases up to 95%) of the property value.

If you are able to put $75,000 for the $620,000 house, the Loan to Value Ratio (LVR) will be 87.90%. If the deposit is from your genuine savings, then many lenders may approve your home loan. Although borrowers are required to pay Lenders Mortgage Insurance (LMI) for LVR above 80%, you may have the requirement waived with some lenders if:
  • You have a perfect credit history.
  • The LVR is no more than 85%.
  • You are buying a property.
Since different lenders have different lending policies, it is better to know in advance which lenders are more likely to approve your loan.

We can be reached on 1300 889 743 or you can fill in our free assessment form and one of our mortgage brokers will call you to discuss how you can get a good deal for your home loan.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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