Can I get a home loan if I am on probation?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Can I get a home loan if I am on probation?

Post by Otto Dargan »

Hi Gonzalez99 and welcome to the forum.

There are a few lenders who may be able to give you on probation home loans even if you have recently started a job. You can also calculate whether you can qualify for a mortgage or not here.

Please note that banks would rather prefer that you complete probation and have at least 6 months' track record in your current job.

If you're a professional with a stable employment in the same line of work or industry and even if you may have just started your job or already have one or two months in your job, as long as your situation “makes sense”, we can usually find a mortgage lender for you.

Some lenders may offer professional packages and basic loan discounts. In most cases, you may pay the same interest rate on your loan as somebody who has finished their probationary period. You may be able to enjoy certain features such as:
  • Interest only loan
  • Fixed interest rate
  • Line of credit
  • 100% offset account
  • Redraw and extra payment facilities
It should be noted that from a lender’s perspective, borrowers on a probation period may be considered medium risk. This is because their employment may be terminated at any time.

We could provide you alternatives if we could know your past employment history and the amount of savings you have with you.

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

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

Re: Can I get a home loan if I am on probation?

Post by Otto Dargan »

Hi Gonzalez99,

As per your details, you may have a good chance of getting approved for a home loan even if you’re on probation since you have a 15% deposit, most likely with adequate genuine savings.

Please find the below tips that you may find helpful if you’re on probation:
  • A probationary period of either 3 or 6 months is common for almost all new jobs. This may be even more so when you have made a career change to a new industry.
  • Please check your employment contract. You may also refer to your contract of employment or call your Human Resources Department to confirm your employment status.
  • Please note that while you are in your trial period you can expect your manager to closely monitor your work. Your manager may assess how well you get on with your team members and, if applicable, how you handle customers.
  • You should apply for a mortgage only if you strongly believe that your employment is stable. You’ll find it extremely difficult to pay your current liabilities, especially since lenders may not be flexible at all if you need to discontinue your work.
Call us on 1300 889 743 or fill in our free assessment form and one of our mortgage brokers can let you know if you qualify for a home loan.

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

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