Looking at applying for 200k home loan, currently employed full time permanent for 8 months now but wanting to switch employers. so lets say I just started, will banks consider my previous role and pay slip, or do i need to be at least 3 months in the new role or past probationary status? just planning if i should quit my role now or wait til i get approved by the bank, not sure really.
Will Banks Approve A Loan if I Just Started on A Role
transplanted on 21/03/2023 - 11:55
Comments
Each bank has it's own criteria. An offer letter can be enough to confirm employment.
200k is a very small amount so shouldn't be much issues.
To avoid all problems, he upfront and honest from the start, and if the bank says yes, go for it
They may.
At the end of the day it's more a factor of job stability, pay, equity in the house and how much your expenditure is per week.
I have been told by a couple of major lenders that they will not consider my income in the serviceability assessment / eligibility for a home loan because I am still within my probation period, even with an unbroken decade plus of working.
So I had to wait.
Same applies to Credit cards, I don't apply unless I have been in a role for 6 months.
The banks will look at everything.
You should be able to provide proof with six weeks of payslips, your deposit amount, bank account statements, any income you receive.
It's definitely a risk. It would be preferable to deal with the loan while in your current employment … otherwise you could well be looking at building up ~6 months history.
We were able to get our loan approved by CBA with my wife being at her new job for less than a month, and without her first payslip. We supplied a letter of offer as well as an employment confirmation provided by her company.
Likely different from bank to bank, but we were able to.
They did 6 years ago. This is what I did. No issues, but different market.
My companies have generally looked at current job > 6 months or same industry > 2yrs for stable employment. The specialist lenders are more inclined to give you a loan outside of these circumstances than the big banks.
depends on your broker also, find a good one and they can do more obviously with their experience and connections etc
The broker/banker doing your loan needs to provide justification about how your loan is a risk worth taking. Yes probation period is not in your favour but that is only 1 piece of the puzzle.
How long have you been in similar roles for.
How much is the spare income after expenses.
What is the LVR?
Have you ever been late on payments?
Is your asset position strong?These are a few things they will discuss to understand your situation and present to the person signing off on your loan. There is no straight answer based on just the probation period.
If the new role pays more then why not.
I had approval within 2 months of employment with Commonwealth. If you can hold out that long.
Not the same, but I refinanced and settled 2 weeks before switching jobs. I didn't tell the bank I was going to though.
Use your brains and Don’t risk it.
no. let alone just starting, some banks doesnt look at probation statuses.
i know someone who was approved then ANZ changed its mind because they realised the person is still in probation.
last minute try to find new lender, not fun