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Re: Do banks lend to people who've only recently started working again?

Posted: Tue May 14, 2019 3:01 pm
by Otto Dargan
Hello Monica C. Welcome to the forums and congratulations on the baby boy.

While it’s true that most lenders are reluctant to lend to people who’ve been working for less than 6 months, not all lenders have this policy. One of our lenders even allows you to borrow up to 95% of the value of the property even if you’ve just started a new job.

To qualify for a new job home loan:
  • You need to show prior employment stability.
  • You’re borrowing up to 90% of the value of the property, you can borrow up to 95% if you’re in a strong financial position.
  • You have a minimum of 5% in genuine savings.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a home loan.

Cheers,

Re: Do banks lend to people who've only recently started working again?

Posted: Tue May 14, 2019 5:13 pm
by Otto Dargan
Hi Monica C,

Using our borrowing power calculator the maximum amount you can borrow is $646,742. This is a tentative figure calculated by choosing the right lender and amending your loan structure.

Your borrowing power will depend on the lender you qualify with, your income, family size, location, current debts, your deposit and the type of mortgage you choose.

Cheers,

Re: Do banks lend to people who've only recently started working again?

Posted: Tue May 14, 2019 6:44 pm
by Otto Dargan
Hi Monica C,

A gifted deposit from your parents or in-laws is acceptable to some of our lenders. You may need to provide a signed gift letter stating that it is an unconditional gift and not a loan.

When you buy a property, you can expect to spend up to 5% of the purchase price on fees, duties and charges. So for a purchase of a $550,000, there may be up to $27,500 of costs involved in order to close the deal. You can use our property purchase costs calculator to get an estimate of the costs of buying a home. The stamp duty levied by your state government is the largest expense when purchasing a property.

Generally, if you’re borrowing over 80% of the property value, Lenders Mortgage Insurance (LMI) applies. Please use our LMI calculator to get a quote. The LMI can be added on top of your home loan (capitalisation) with some of our lenders.

Give us a call on 1300 889 743 or fill in our free assessment form and one of our mortgage brokers will help you find the cheapest LMI from our panel of 40 lenders.

Cheers,