You might be able to get a home loan approved, even when you are on probation.
The applicant’s employment status is a crucial factor that banks and lenders will scrutinize to understand the risk posed by the applicant. Your employment and income stability forms a huge part of a credit score that is given to the applicant. So, lenders and banks will look into:
- The length of time in your current job.
- The length of time in the industry (study included).
- The tendency of people to default on their mortgages.
- Employment status (full time, part-time, etc)
- The stability of your income (casual, overtime, bonus, etc).
- Your reliance on unstable income.
The underlying factor is that you and your partner must be able to show evidence of your income. This can come in the form of payslips, group certificates, a letter from your employer or even bank statements.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for an on probation home loan.
Cheers,