Looking for a new job home loan

Any general questions you might have in regards to loans and finance.
JeffSupertramp10
Posts: 3
Joined: Wed Apr 03, 2019 6:08 pm

Looking for a new job home loan

Postby JeffSupertramp10 » Wed Apr 03, 2019 6:10 pm

Hello,

I recently started a new job at a business firm and I’m now looking to purchase a house for myself. I’ve found a nice little place in Melbourne that’s currently listed at $500,000. I’ve already started working and make a decent earning. I believe that I am capable of making my repayments on time. But this being my first job, I wanted to know if I was eligible for a home loan.

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7484
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Looking for a new job home loan

Postby Otto Dargan » Wed Apr 03, 2019 7:06 pm

Hi Dylan,

Welcome to the forums.

Banks have tough lending policies when it comes to approving home loans for people who’ve been employed for less than 6 months. Most banks prefer clients who have held their current position for a minimum of 6 to 12 months.

That being said, given that you meet all the necessary criteria, you may still be able to qualify for a home loan even if you just started a new job.

One of our lenders can allow you to borrow up to 95% of the value of the property, even if you’ve been in your job for a day.

Please fill in our free assessment form or contact us on 1300 889 743 to speak to a specialist mortgage broker who can help you get approved.

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

JeffSupertramp10
Posts: 3
Joined: Wed Apr 03, 2019 6:08 pm

Re: Looking for a new job home loan

Postby JeffSupertramp10 » Wed Apr 03, 2019 7:07 pm

Hey, thanks. I’ve been working full-time for the past two and a half months. I have around $30,000 saved up that I want to use as a deposit. Will it be enough?

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7484
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Looking for a new job home loan

Postby Otto Dargan » Wed Apr 03, 2019 7:09 pm

Otto Dargan
Hey Dylan,

You can use our new job home loan calculator to see if you qualify.

Your deposit of $30,000 makes up 6% of the property value which is pretty decent deposit

If you also have a clear credit history, and meet all other standard approval criteria, you may be eligible for a new job home loan.

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

JeffSupertramp10
Posts: 3
Joined: Wed Apr 03, 2019 6:08 pm

Re: Looking for a new job home loan

Postby JeffSupertramp10 » Wed Apr 03, 2019 7:23 pm

That’s awesome. Thank you for the information. You mentioned meeting "other standard approval criteria". What do you mean by that? I've ever checked my credit file - I didn't even know I had one!

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7484
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Looking for a new job home loan

Postby Otto Dargan » Wed Apr 03, 2019 8:18 pm

Hey Dylan,

Yes, so, because you're effectively borrowing around the 95% [url=https://www.homeloanexperts.com.au/mortgage-calculators/lvr-calculator/]LVR (Loan to Value Ratio)[/url] mark, you need to meet pretty strict lending criteria:

- Credit history: Minor paid defaults under $500 are sometimes acceptable if your application is strong in other areas.
- Other debts: You must be paying your current liabilities such as rent, credit cards and personal loans on time.
- Employment: Stable employment is preferred, generally 6 months in your current job or 2 years in the same line of work.
- Income: Your serviceability (ability to pay the loan) must be strong.
- Savings: 5% of the purchase price in genuine savings isn’t necessarily required by all lenders. No genuine savings applications (deposit from a gift, sale of an asset, etc.) are considered if you have a clear credit history.

Call us on 1300 889 743 or enquire online to speak to a mortgage broker that specialises in 90% home and investment loans.

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


Return to “Home Loan Forum”

Who is online

Users browsing this forum: Huekst, Oksanast, RidgeNits, rototouncq, TRAVELSea and 18 guests