Lender options with new job

Hello,

Just wondering if there are any lenders that would consider the income of an applicant who has just started a new job and what is the earliest they would consider this? I've been in my FT job for 4.5 years and my husband is currently looking for a new job - it will be either part-time or casual. He is still getting a small amount of rental income from our IP. My income is over two-thirds of the total, if that makes a difference. I can pay the loan on my own income as we mainly saved his income but I don't think I'd meet serviceability with just my income. We'd like to refinance our PPOR loan as the rate is really bad (Adelaide Bank).

Thanks :)
 
Depends on the LVR and I'm assuming that its the same line of work (i.e. you weren't a hairdresser and have switched to being an accountant)?

If the LVR is 80% then no worries with most lenders even if you are on probation. Fro example, some lenders like AMP don't like probation regardless of LVR.

If the LVR is above 80% then still doable but lender selection, lender's own DUA and overall strength of application are important factors.
 
80% LVR and the right lender = no issues.

Over 80% LVR = then one would need to assess the entire application before advising if its doable.

I would have a concern if his income was casual - most lenders want to see consistency here. CBA is excellent in this space but their servicing/borrowing capacity isn't fantastic.

So you really need to look at planning and structuring it correctly.
 
Thanks again. It's good that we'd at least have some options. Didn?t want to be stuck paying these rates for another year! :p
 
I went with NAB. Similar circumstances, changing job, same industry. Couldn't rely on income of current job as PT. On 80% LVR, applied last Tuesday, formally approved on the Friday.
 
I started a new job in January and was supposed to be on 6 month probation which limited my choice of lenders. I spoke to my current lender at the time (ANZ) and they said at least 3 months of payslips in the new job. After 3 months I asked my employer to reconsider the probation period, with a full page of rationale - cost savings and improvements I had made since I was employed - and they were happy to reduce the probation to 3 months and give a letter stating full employment and salary etc.

Being patient for the 3 months has opened up my lenders options a lot (and I got a nice 10% pay increase so I could borrow more) so maybe waiting 3-6 months will give you better options too.

Looks like I am refinancing with CBA and using NAB for new purchase.

All the best.
 
Adelaide Bank have very generously reduced our rate from 5.3% to 5.1% :eek:. Will definitely be refinancing as soon as we can
 
The loan amount is 420k. We'll definitely go elsewhere once my husband gets a new job. They're making fun of us at that rate! :p
 
Yes, it wasn't great when we first got the loan either. We purchased at auction and the pre-approval we had with another bank ended up falling through so we went with them as a last ditch effort to not lose the deposit we had paid. I thought they may have been a bit more generous now given the increased value of the property and our history with them. Oh well, it'll be their loss soon :p
 
fair enough. Did the broker do a good job switching you to adelaide, or did you change brokers as well? Im interested if you have approached, or been approached by the broker who wrote the adelaide bank loan to do the refinance?
 
Yes, it is managed by Barnes. The broker that first set up is quite infamous on these forums and we are not going with them again after having a bad experience later on
 
gotcha. At least with the refi you wont have the same time constraints this time. You can shop around for the right val as well as the short term employment policy.
 
Could be seen as being dishonest on your application. As far as I'm aware banks ask whether you know of anything that could have an impact on your financial circumstances.
Brokers, can you confirm?

Correct and its completely dishonest.

The technical term in lender speak is the "sneaky sanchez".
 
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