Which bank will accept new employees for a home loan?

Any general questions you might have in regards to loans and finance.
blimey
Posts: 13
Joined: Thu Feb 25, 2016 2:42 pm

Which bank will accept new employees for a home loan?

Postby blimey » Mon Jun 25, 2018 3:46 pm

Hi Home Loan Experts.

I'm less than 2 months in my new job. However, it's a full-time, permanent role.

On top of that, I've been working in the same industry for the past 3 years.

I want to buy a property worth $520,000 and looking to borrow 90% of the property price. I have applied with ING but they didn’t accept my home loan application. Are there other banks who will consider me for a home loan?

Thanks in advance.

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Otto Dargan
Mortgage Specialist
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Location: Sydney, Australia
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Re: Which bank will accept new employees for a home loan?

Postby Otto Dargan » Mon Jun 25, 2018 4:49 pm

Hi blimey. Welcome to the forums.

Even if you've only changed jobs recently you can still qualify for a new job home loan with one of our lenders and borrow up to 95% of the value of the property that you are buying.

Most lenders require you to have six months in your current role as an exception 12 months in current role lending policy.

However, in your case, there are lenders that will consider the fact that you have more 12 months in the same line of work, even if there was a gap in your working history here or there.

The downside is that the choice of lenders will be limited, so you may not get the absolute best deal available.

Also, you must have a clear credit history, have a minimum of 5% in genuine savings and meet all other standard approval criteria to qualify.

We have specialist mortgage brokers that are experts in short term employment and probation.

Please give us a call on 1300 889 743 and ask one of our mortgage brokers will help you to get your mortgage approved!

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

blimey
Posts: 13
Joined: Thu Feb 25, 2016 2:42 pm

Re: Which bank will accept new employees for a home loan?

Postby blimey » Mon Jun 25, 2018 6:44 pm

OK, it’s a comfort to know. I was wondering whether I need to pay a higher interest rate due to my new employment?

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Otto Dargan
Mortgage Specialist
Posts: 7021
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Which bank will accept new employees for a home loan?

Postby Otto Dargan » Mon Jun 25, 2018 7:15 pm

Hi blimey,

The interest rate of your mortgage isn’t affected due to your employment.

Professional packages and basic loan discounts are available. In most cases, you’ll pay the same interest rate on your loan as somebody who has finished their probationary period.

It’s possible to get approval from a reputable lender with a competitive interest rate. Our preference is always to help you get a mortgage from a major lender rather than a “lender of last resort.”

Please enquire online or call us on 1300 889 743 to speak to a mortgage broker who specialises in finding home loans for people who are on short-term employment.

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

blimey
Posts: 13
Joined: Thu Feb 25, 2016 2:42 pm

Re: Which bank will accept new employees for a home loan?

Postby blimey » Mon Jun 25, 2018 8:33 pm

Thanks for the prompt replies and the hope, Otto. I’ll call you guys tomorrow and see how we can move ahead with this. Cheers :)

thaonguyenshop123
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Joined: Wed Jun 27, 2018 7:36 am
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Re: Which bank will accept new employees for a home loan?

Postby thaonguyenshop123 » Wed Jun 27, 2018 7:54 am

I'm pretty sure bank will not accept, but you should have a call bank to ask


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