Lender who will help when recently started new job

I was made redundant last year after five years with the same employer, now have been in a new position for about six weeks. Employment history prior to the five-year job extremely stable - 14 years in one place. The new job has a probation period of six months and I have a lump cash sum I need to get invested in a 1st IP. Anyone got any tips on getting past the "you have to wait until you are off probation" thing?
Thanks !!
 
I was made redundant last year after five years with the same employer, now have been in a new position for about six weeks. Employment history prior to the five-year job extremely stable - 14 years in one place. The new job has a probation period of six months and I have a lump cash sum I need to get invested in a 1st IP. Anyone got any tips on getting past the "you have to wait until you are off probation" thing?
Thanks !!

ING looked past it for my wife last year (loan in her name only) - however it was about a 50% LVR. Lending criteria may have tightened since then.

Regards,

Jason
 
if u had abnn for 12 months u can get a 60% lvr easy as no doc in 6% interest rates.

So, if I had an ABN for at least 12 months (over 5 years actually) , I could get a 60% LVR at 6%...count me in.

I have been getting no docs in the past but have been trying to get a permanent job so I could borrow again....I've been told no borrowings till I'm off the probation period in a new job....so this info is great news....can you please PM me and let me know how I can do this (or post it publically if you prefer)

thanks Nathan
 
No Lieing, I dont do that as it is actually called fraud.

There is a no doc product out via bankwest (from memory) with these terms.

Consult a broker would be my suggestion and discuss further.

I am just ware of the product, thus is all.
 
Hi Savanna

there are a quite a few lenders that will do lo doc 60s, thats where u declare a specific income rather than a no doc on which declare u can afford the loan

I think the well priced no docs have pretty much gone from the market.

ta
rolf
 
I have already been to my broker (who is quite well known to some of you) and have been advised "get a job and wait the prob period"
So, no money for little savanna until she is gainfully employed (despite having 50% equity in one property and about 40% in the other and owning a cheap rural one outright and having a recent inheritance of $60k in cash.

So its off to the poxy public service :-(

(sorry if anyone here loves their public service job, I worked there once 18 years ago and I'm just too much of an independent thinker for all their b*llsh*t.)
 
CBA still have some discretion with probation, especially if its under 80%, and you are employed in the same field etc. ANZ still have a 60% low doc policy available to PAYG, as well as self employed applicants without any interest rate premium.
 
There are lenders that wont have a problem at all with probation as long as you have been in the same industry for the last couple of years.

Where LMI is involved it will boil down to the overall deal i.e if you are a first home buyer and wanting 95% lvr then unlikely but if you have some equity and eant to buy IP #1 then i think it should be able to be financed.

Have done 1 only this week forum member who has only been in her present position for 6 weeks and we got a 90% lvr approved.
 
Oh also wondering, how can you lie with a product like that? (not being smart either)

They need proof of your ABN.

  • He is PAYG.
  • Putting an ABN on an application would be in the course of implying he is self-employed.
  • Using an ABN to declare income unrelated to said ABN is fraud
.
QED
 
Thank you to everyone here for their wonderful advice on low/no docs and possible probation periods.
I'm still resigned to going to the public service as I will be able to use a safety net income (which I can hopefully whittle down to only 3 days a week asap) so I can continue to work towards my website project (to be launched sometime soon) and also the restoration of my 1870s house in rural NSW and all my other exciting projects which working would get in the way of :)
 
we just floated a deal into cba where the lady was s/e in brisbane and moving to nsw.
Property settles before she starts the new job so no employment for 3 months.
Shes got cash to cover the repayments, which CBA'll hold.
Admitting it hasnt gotten formal decision on it yet but its all same industry, same job but now with more stable income coming in.
No LMI but 80%er

But does show that there might be some lenders willing to give you a break, if its right.

But to your point Kaybie, we dont even have probation involved since the job hasnt even started.
 
Thanks everyone

Thanks for the info and ideas everyone - much to mull over. I didn't want to commit a high proportion of $$ to one IP, then have to go to the hassle of redrawing it when I was allowed a more normal LVR, so I will probably sit out the probation...and I don't have an ABN Nathan...:)

thanks all

kaybie
 
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