Any Lenders that will finance when you've only been in job for 2 weeks?

[BigCol]

I have a client who's been in their job for 2 weeks but has been in the same industry before for the past 2 years, so I thought based on the latter he may be able to obtain finance. Any lenders?

 

[Evachange]

CitiBank can be one day employed.

Regards,

 

[joycenmat]

Perhaps but will they penalise you for it?

 

[StuartW]

There's nothing in Westpac policy that requires a certain amount of employment history.

 

[Token Funder]

Probationary period could be a problem.

 

[Qlds007]

Same with Adelaide Bank or NAB.

Both would accept it.

 

[Evachange]

Thought Adeliaide Bank was 6 months employment?

 

[Welcome]

Would that even work for people who are fresh out of uni with low/no income on previous tax returns?

Or I guess the stumbling blocks with them would be 80% LVR tops which means need 20% + costs in genuine savings needed?

 

[tobe]

its all relative. If you can make the case they were headhunted, and they were in the same industry previously, and the LVR was low enough, you would have a good shot at approval with quite a few lenders.
Ive also had loans approved for people straight out of uni, if everything else stacks up, they are working in the proffessional field they studied in etc etc.

 

[Rolf Latham]

xcept you now need to take a step back and see whether you should put that up at all to a lender...................or send them to a branch instead.

I for one would not write that deal with the way the NCCP is interpreted at the moment.

ta
rolf

 

[BigCol]

Thanks for the responses. My client is going through NAB already & they said at least 6 months in the job before they would look at it.

I actually have the father-in-law of the above client who is also seeking finance through NAB (GM position - income excellent & 20% deposit but only been in job since May - buying thru a Trust name), but having same issue as his son-in-law (1st client above) with length of time in job.

 

[BigCol]

Disregard this thread now as both my clients have pulled out of their contracts & cost me a chunk of money, but what can you do, but move on the next one. Thanks for your help anyway.

 

[Qlds007]

Hi Alex

Adelaide Bank have no probation policy but their mortgage insurer might.

 

[Spectre]

RT
Interestingly we did a 90 thru abl direct with a letter of employment backup with 2008 TR.
F/A was returning back to work after being on maternity leave and PMI accepted it. Gifted deposit too but equity in another property was provided

 

[kaiseriqbal]

Part time to full time employment

So it varies from Lender to lender.

How about in the case of a person going from part time employment to full time employment?

Will the banks approve loans even though the wage has not been received for the full time employment (i.e. can only show in the bank the part time income earnt)?

Also, what sort of documentation to the banks require. Is a letter from the employer enough stating the full time salary amount?

 

[tobe]

It depends, on the lender, and how its presented to the lender.

 

[kaiseriqbal]

I was working full time for 2 years with my current employer, so i can show my group certificates for the last two years.

Its just for the last six months that I have been working part time and will be starting full time work again from the start of September.

Since I cannot provide recent payslips which show my income at the full time level, all I have to prove my income is the letter from the employer which states my income rising from my part time rate to the full time amount.

There was a property I was interested in purchasing with a friend which goes on Auction at the start of September and have to refinance my current IP for the deposit.

Was looking at the Bankwest Premium Home Loan product.

Thanks