An expat returning to Australia looking for a home loan?

[tornbull]

I’m an Australian citizen living and working in HK with a Chinese wife. I’m working as a regional business development manager, Asia at Oxford University Press (China) Ltd. We’re planning to move back to Melbourne and are thus looking for a property.

I’ve negotiated with Penguin Random House Melbourne for a job and they’ve offered me an employment contract as well. I’m starting with them from coming August. We’re wondering whether we can get a home loan if I'm in currently changing jobs or do we have to wait for long?

Hope you guys can help us out.

[Otto Dargan]

Hi tornbull,

Home loan for new employees isn’t seen as reliable by most of the banks. Fortunately, not all think the same way.

One of our lenders can accept the contract you have in place with your new employer rather than requiring you to provide your first payslip before considering your application. It recognises that despite a short employment history, many individuals are in a strong financial position and have industry experience.

This is especially true for returning Australian citizens and permanent residents who are in the middle of getting a new job.

The benefit of this policy is that you avoid missing out on your dream property cos you won't have to wait for your first payslip. Also, you have to provide the employment contract and a letter from your employer.

To obtain this, you must have a clear credit history, have a minimum of 5% in genuine savings and meet all other standard approval criteria to qualify.

We have specialist mortgage brokers that are experts in short-term employment and probation. Please give us a call on 1300 889 743 (+61 2 9194 1700 from outside of Australia) and ask one of our mortgage brokers will help you to get your mortgage approved!

Cheers,

[tornbull]

OK, it’s a comfort to know. Also, I was wondering whether I need to pay a higher interest rate due to my new employment?

[Otto Dargan]

Hi tornbull ,

Usually, the interest rate of your mortgage shouldn’t be affected by your employment. However, in your case, since the choice of the lenders is limited, the downside may be the interest rate.

Even if you pay a higher interest rate now, you can refinance your home loan to a lender with a sharp interest rate after you complete your probationary period.

Please enquire online or call us on 1300 889 743 (+61 2 9194 1700 from outside of Australia) to speak to a mortgage broker who specialises in finding home loans for people who are on short-term employment.

Cheers,

[tornbull]

Thanks for the prompt replies and the hope, Otto. Cheers