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New Job Home Loan

Started a new job? Find out how to get approved!

Congratulations on starting your new job! Many people decide to buy their first home or investment property when they have found a stable job with an excellent income.

Unfortunately, many banks won’t lend to people who’ve only been employed for a short period of time.

Can I get a home loan if I have just started a new job?

In order to qualify for a mortgage, it’s important to demonstrate employment stability. Banks are generally reluctant to lend to those who’ve been working less than 6 months.

  • Most banks require you to be in your current position for a minimum of 6 months to 12 months to borrow 80% of the property value.
  • One of our lenders can allow you to borrow up to 95% of the value of the property, even if you’ve just started a new job.

Please fill in our free assessment form or contact us on 1300 889 743 to speak to a specialist mortgage broker who can help you get approved.

Which lenders can help?

Not all lenders require that you to be in your job for more than a year. In fact, many lenders understand that younger generations are in high demand, are highly skilled and are career opportunists that actively change jobs to seek a higher salary or better working conditions.

To find out which lenders can help to you, please call us on 1300 889 743 or free assessment form today.

Only been in your job for 1 month?

Some banks recognise that despite a short employment history, many individuals are in a strong financial position and have industry experience.

Our best lender for people in new jobs can approve home loans for people who have been in their job at least one day on a case by case basis. They have no problem with people who have been in their new job for 1 month, 3 months, 6 months or more.

How much can I borrow?

You can borrow up to 90% of the value of the property that you’re buying. If you’re in a strong financial position then a 95% loan may be available. Discounted professional packages, basic loans and lines of credit are also available.

What if I'm changing jobs?

Many of our customers call us because they’re in the process of leaving their current employer and starting a new position elsewhere. In most cases, they have extensive experience in their industry and are moving jobs to take advantage of a better offer or have been head-hunted by a recruitment agent.

It’s best if you contact us prior to leaving your old job as we can then let you know how this will affect your ability to borrow money.

For most people we can find a lender that will help, however if you’re changing to a new industry or a completely different role (e.g. a police officer becoming a bank teller) then this will reduce your chances of getting an approval.

What do the banks think?

Most lenders won’t generally approve a loan for you while you’re in the process of switching to a new employer. However there are a few major lenders with competitive interest rates that can consider approving your home loan before you have commenced your new role.

The view of these lenders is that if you have stability with your prior employers then it’s likely that you’re moving to a new employer to take advantage of a better salary or working conditions.

If lenders believe that you were fired from your old job or were let go during your probationary period for your last job then they’re unlikely to approve your mortgage application.

How can I get approval?

Depending on the lender, they may require you to commence the new job prior to issuing your formal loan approval. In other cases, if your income from your existing job is sufficient to repay the loan, they can approve your loan on that basis.

To discuss your situation with a specialist mortgage broker, contact us on 1300 889 743 or free assessment form today!

Why are most lenders so conservative?

Many lenders are very risk averse and are concerned that if you’ve not been in your job for very long then you have a higher chance of leaving your job or your employment being terminated during your probation period.

Apply for a home loan today!

Here at Home Loan Experts, our mortgage brokers have extensive knowledge of the guidelines used by Australian lenders.

Please complete our free assessment form or call us on 1300 889 743 to discuss your situation with a mortgage broker who will help you find a lender that can accept your short term employment.

  • Kramer

    I’ve just recently joined a new job (been 2 weeks) and I’d like to borrow 90% to buy a house. You stated that one of your lenders can do up to 95% so can I qualify?

  • Hey Kramer,

    For a 90% LVR home loan, lenders will generally want to see a clean credit history, timely repayment of debts, good income and at least 5% in genuine savings (not always necessary though). If you can meet these requirements, please call us on 1300 889 743 to discuss in detail with an expert mortgage broker.

  • Howell-Price

    I’m still on probation and I have no idea whether or not I can qualify for a home loan. Anything that can help me with that?

  • Hi Howell-Price,

    Even if you’ve been headhunted and so started a new job and are getting a great salary, banks usually have a problem and they can tell you that you’ll have to wait until you’ve completed probation. However, not all banks think the same way so you can try out our probation calculator to see if you qualify for a home loan:

  • Ric Hur

    Hi my loan is provisional approved for building my house. I’m waiting for the land to register. Unfortunately I have to change my 5 year job due to lost of contract by the company. Already started a new job, same industry. How is that gonna affect my loan. I’m borrowing less than 80%.

  • Hi Ric
    It depends on the lender. I’d say likely you will be ok as they have preapproved your construction portion, same line of work and they want you to build.
    If it’s a problem we can refinance and in most cases beat the rate as well. Probation doesnt affect your rate. It’s just that some lenders dont do it.

  • Angelina H

    I’ve just started my career in the education sector and I’m thinking of getting a home loan soon with Teachers Mutual Bank. I want to know what types of applications they are great at handling and what they may be bad at.

  • Hey Angelina H,

    We have an expert’s review on Teacher Mutual Bank where we’ve listed out the strengths and drawbacks of their bank, the home loan types they have on offer as well as a real life client story. You can check it out here:

  • Devraj Ghimire

    Hi there, Me and my spouse started a new job in a new place. We both are casuals and our combine weekly income is $1600. I want a home loan range between 400k -$450k and want 75-80% finance. Am I eligible for it? Thanks

  • Hi Devraj,
    Potentially yes you are eligible. Once you are three months in your role then you definitely qualify. With less than a 3 month history we can potentially assist if we can confirm the amount you earn
    In other words if your income fluctuates a lot then we need a 3 month history whereas if you work 3 days a week and we can see this from your payslips then a shorter work history will be fine.
    If you’d like our help then please click here

  • Paul

    Yes, you can borrow up to $530k with peppers. Give them a call or better get a broker to negotiate on your behalf.