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
Looking for a new job home loan
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Looking for a new job home loan
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
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 Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Looking for a new job home loan
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
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