How to obtain finance on new home if moving meant finding new employment

[LeanneMac]

I have had my current employment for 7 years permanent part-time. I have a 26% equity in our current home. I would like to purchase a home about 3 hours away so would need to obtain employment at new location. Could I get finance if I would be leaving my current position?

 

[Rolf Latham]

Hiya Leanne

Obviously youd want to be veru sure you can get work ...........

If you are very very sure, one strategy is initially to buy the new place as an IP assuming your income and equity position allow it

6 hrs round trip is a big commute, althouth I have a few clients that have a lifestyle place 2 to 3 hrs out of town where they live, and they have a smaller place nearby in the CBD where they live during the working week.

ta
rolf

 

[tobe]

I recently settled a O/O property in Albury, where both applicants currently lived and worked in Melbourne. The question of commuting didnt come up. Ive previously done a similar thing for a purchase in Lismore, and my first purchase was in Ballarat, using the income I received in Melbourne. I think the first trick is not to tell them your planning on changing jobs for a start, just dont blame the lender if you get the loan then cant afford it after you move and cant get a new job in the new town....