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Re: Looking for a new job home loan

Posted: Wed Apr 03, 2019 7:06 pm
by Otto Dargan
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

Re: Looking for a new job home loan

Posted: Wed Apr 03, 2019 7:09 pm
by Otto Dargan
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

Re: Looking for a new job home loan

Posted: Wed Apr 03, 2019 8:18 pm
by Otto Dargan
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