I'm in a new full time job currently on probation period. Are there lenders that will lend to you during this period (for a home loan) or do you always need to complete 6 months on your new job before you are successful for a loan?
Getting a Home Loan While on 6mo Probation Period in New Full Time Job
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I'm in this situation presently and I've been informed they only require two payslips from the new employer.
Have you significantly changed industries from your previous job to this? If not, you wont have any issues.
If yes, you might be asked to wait for your probation to finish.
this. if you've moved jobs. ie. pilot from qantas to virgin, no issue.
but if you went from plasterer to equities trader. you'll be waiting.
I just renegotiated my loan with ANZ, they just needed 3 months worth of payslips. They didn't ask me if I was on probation (which I am). I'd only been at the job 12 weeks but she needed 13, so she was happy to wait a week for my next slip and then she approved loan. It was very quick and easy.
hmm funny but i have ANZ loan application in front of me now (its via broker so maybe different??)
and there is a question:"currently under a probationary period tick YES / NO"
just under the Occupation boxHi Dragonindespair, I didn't fill ot an application. I phoned up and got interview with bank manager and she completed the details. She definately knew I had only worked there 12 weeks because we had to wait an extra week to get my next payslip. I'm not sure if it matters but I already had an existing loan with ANZ and was increasing it by $40,000.
as above, you don't need to tick/fill anything if you go to in-store
they will "brush off" those "unnecessary" questions/checks
that's how everyone get their cheap credit with ballooning debts
Heh. Bring on GFC2!
I just renegotiated my loan with ANZ, they just needed 3 months worth of payslips. They didn't ask me if I was on probation (which I am). I'd only been at the job 12 weeks but she needed 13, so she was happy to wait a week for my next slip and then she approved loan. It was very quick and easy.
This is an exceptionally alarming account of how an in branch application has run. Unless there was also an extremely robust income and asset profile outside of the applicant in probation (to mitigate the major risk that probationary applicants present in isolation), this kind of application should not be an easy approval (for obvious reasons).
tl;dr If the other aspects of the application were not amazing this sounds like an example to be filed under GFC2
can anyone recommend a good broker in melb?
I used Aussie Home Loans many years ago, they got us on to a great deal. The guy was very knowlegable about what options were in the market place.
The Carlton Crew loan money to just about anyone
Thanks all,
Looks like I might go the broker route, at least initially to get more information about my options. I'm not in a huge hurry yet to get a loan but wanted to know if my first 6 months would be a deal breaker to the banks.
I am in the same industry. My last full time job finished about 9 months ago and I did about 6 months of contracting before starting my new job so looks like I might have a shot.
My friend just did this through Bendigo Bank. She had been in the same field for about 3 years but was in the new job less than 4 months.
Generally speaking, there are many lenders that will consider applicants in probation if the primary applicnt's probationary period has 3 months (or less) to run and that applicant has a CV that demonstrates prior industry experience (some lenders are even more lenient than this). Lenders like Citibank, CBA and Liberty Financial are examples of lenders that are commonly quite open to considering approval for applicants with probationary employment depending on the specifics of the application.
NB: A complete change of role and industry can be more challeging for approval. Usually a degree of commonsense is applied to the applications vis a vis the lender will look for other aspects of financial strength (good credit score, savings history, solid proposed net disposable income/debt servicing) - also probation may not be a major issue if the income is not required for debt servicing (e.g. there is a second applicant in stable employment or rental income is sufficient to service the debt).
Hope this helps.
It's stuff like this that I would suggest speaking to a broker. eg. Aussie.