New job home loan

Started a new job? Find out how to get approved!

Congratulations on starting your new job! Many people decide to buy their first home or investment property when they have found a stable job with an excellent income.

Unfortunately many banks will not lend to people who have only been employed for a short period of time. So how can you achieve your great Australian dream of home ownership?

How long do I need to be in my job?

Most banks require you to be a minimum of 6 months to 12 months in your current position to borrow 80% of the property value and a minimum of 12 months in your role to borrow more than 80%.

Our best lender for people in new jobs can approve home loans for people who have been in their job at least one day on a case by case basis. They have no problems with people who have been in their new job for 1 month, 3 months, 6 months or more.

Please enquire online or contact us to speak to a mortgage broker that specialises in arranging loans for people who have been employed for only a short term.

How much can I borrow?

You can borrow up to 90% of the value of the property that you are buying. In rare cases a 95% loan may be available however the lending criteria for a 95% loan is far stricter than the criteria for a 90% home loan. Discounted professional packages, basic loans and line of credits are available.

Why are most lenders so conservative?

Many lenders are very risk adverse and are concerned that if you have not been in your job for very long then you have a higher chance of leaving your job or your employment being terminated during your probation period.

Not all lenders require you to be in your job for more than a year before approving your loan. In fact many lenders understand that younger generations are in high demand, are highly skilled and are career opportunists that actively change jobs to seek a higher salary or better working conditions.

What if I am changing jobs?

Many of our customers call us because they are in the process of leaving their current employer and starting a new position elsewhere. In most cases they have extensive experience in their industry and are moving jobs to take advantage of a better offer or have been head-hunted by a recruitment agent.

If you are in this situation then we can help! Most lenders will generally not approve a loan for you while you are in the process of switching to a new employer. However there are a few major lenders with competitive interest rates that can consider approving your home loan before you have commenced your new role.

Depending on the lender they may require you to commence the new job prior to issuing your formal loan approval, or in other cases if your income from your existing job is sufficient to repay the loan then they can approve your loan on that basis.

Apply for a home loan

Here at the Home Loan Experts our mortgage brokers have extensive knowledge of the guidelines used by Australian lenders. Please contact us to discuss your situation with a mortgage broker who can quickly find you a lender that will accept your short term employment.