How can I apply for home if I new start current job?

Any general questions you might have in regards to loans and finance.
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hunterxiao911
Posts: 9
Joined: Mon Sep 28, 2009 1:51 pm

How can I apply for home if I new start current job?

Post by hunterxiao911 »

Hi, Otto

Just wonder whether or not I can apply home loan if I am new starter of current job (unemployed 3 months before current job)?

If I want to get home loan in urgent, what kind of support document I need to present to bank?

I am very worry about bank will probably think about my probationay period of my current job, but my current job is a permanent full time role, I think it is not a big issue for my home loan application! Do you have any advise for this?

Thank you

Jian

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: How can I apply for home if I new start current job?

Post by Otto Dargan »

Hi Jian,

Most lenders have very strict policies for people who have just started a new job, particularly if you are borrowing more than 80% of the property value.

For example to borrow 95% with Suncorp you must have been in your job for 12 months! Some lenders do not have policies for the minimum amount of time you have to be in your job to get a loan as long as you have previously been working in the same industry / job type or have studied in the same field.

Generally most people can borrow up to 90% of the property value in your situation as long as they have 5% genuine savings, in some rare cases we can get 95% with one lender. If you do not have genuine savings then the maximum you could likely borrrow is 85% of the property value. If you have a guarantor then regardless of if you have genuine savings or not then we may be able to get you 100% of the property value.

As you can see this situation isn't straight forward, especially if you are also purchasing off the plan. I'd recommend you contact us and one of our brokers will discuss the options with you in detail.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

hunterxiao911
Posts: 9
Joined: Mon Sep 28, 2009 1:51 pm

Re: How can I apply for home if I new start current job?

Post by hunterxiao911 »

Hi, Otto

Thanks for your prompt reply!

As per your last reply, my wife she is working full time job and we have 20% genuine saving ourselves!

I studied accounting which relevant with my current new job and I have 3 years experience as well, if so, any problem with our hoem loan?

Thank you

Jian

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How can I apply for home if I new start current job?

Post by Otto Dargan »

Hi Jian,

Your situation is a perfect example of where we would be able to get a few of our lenders to make an exception to their policy and approve the loan. This is because of the following:

* You have an excellent savings history.
* You are in a professional line of work & have experience studying in that field as well as prior work experience.
* Your co-borrower is employed full time.

Assuming the other aspects of your situation are all ok then I can't see any problems with this. We'd be happy to help you get a loan approval.

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

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