On Probation Home Loan

Yes, you can get a mortgage on probation!

If you’ve just started a new job, you have been told by your bank that you’ll have to wait until you’re no longer in a probation period before you can get a home loan.

Luckily, not all banks are the same!

Do you qualify for a home loan?

Probation Calculator

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How long have you been in your job?

Not started yetLess than 1 monthLess than 3 monthsLess than 6 monthsMore than 6 monthsMore than 12 monthsMore than 24 months

What % of the property value are you borrowing (LVR)?

Less than 80%80% to 85%86% to 90%91% to 95%100% (Guarantor Loan)

Was your previous job in the same line of work?

YesNoStudentMaternity leave

Do your have 5% in genuine savings?

Yes

No

I am refinancing

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Results

Time in current job

Accepted

Prior employment stability

Accepted

Loan to value ratio (LVR)

Accepted

Genuine savings

Accepted

Overall result

Accepted

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Tips & Suggestions

It looks like we should be able to help you. Please call us on 1300 889 743 or enquire online to discuss with one of our specialist mortgage brokers for more detailed assessment.

Disclaimer

How much can you borrow?

We can help you borrow up to 95% of the property value as long as you meet all other standard bank criteria including having a clear credit history.

If you’re borrowing over 90% of the property value, the lender may ask more questions or ask for additional supporting documents before issuing your approval.

If you believe that you may be unable to provide certain documents, call us on 1300 889 743 or fill in our free assessment form and our expert mortgage brokers will assist you in applying for a loan.

How can we help?

Our mortgage brokers are credit experts who understand that employees on probation won’t be perceived favourably by some lenders.

We work closely with lenders that can consider your mortgage application even if you have been in your job for just one day!

Call us on 1300 889 743 or complete our free assessment form for an assessment of your situation!

Apply for a home loan during probation period!

We only recommend that you apply for a home or investment loan while on probation if you believe that your employment is stable.

If you believe that your employer may terminate your employment during your trial period, then obviously it isn’t in your best interest to risk applying for a home loan.

Please complete our free assessment form or call us on 1300 889 743 to discuss your application.

Probation info

What’s a probationary period?

This is a period of time that allows both the employer and employee to see how well you suit each other before committing to full-time employment.

During this time, both parties have the option of terminating the employment agreement.

Your contract will identify the notice period applicable in these circumstances.

Depending on the terms of employment and the sector you work in, this period may be 3, 6 or 12 months in duration.

What are the advantages and disadvantages?

A probationary period can be advantageous for those trying out a job in a new industry.

It allows you the time to decide whether the company and working environment suits your needs.

However, it also means the ball is in the employer’s court and they could terminate your role at any time.

Tips for people on probation

• Check your employment contract: If you aren’t sure if your employment is subject to a period of probation, please refer to your Australian Workplace Agreement (AWA), contract of employment or call your Human Resources Department to confirm your employment status.
• It’s common for almost all new jobs to have a 3 month or 6 month probation period, especially when you’ve made a career change to a new industry.
• Get informed: While you’re in your trial period, you can expect your manager to closely monitor your work, how well you get on with your team members and if applicable, how you handle customers.
• It may be a good idea to ask for a copy of your new employer’s HR policies to help you adjust to the culture at your new workplace.