New Job during Settlement period

[jacbmw]

We have formal loan approval and settlement is in 4 weeks.

My partner is very keen to leave her current job (but not before she secures another). Say for example she manages to find another job and start within the next 4 weeks, do we have to declare this to the bank?

They obviously approved the loan based on her last job (even though a new job would more than likely pay more $$), and there would be a 3 month probation period in the new role.

Not an option to just "neglect" to advise them of this change, as I want to use this same lender in the future, and they would pick up the time periods of the new role probation/start dates, and this loan settlement. Not to mention the dishonesty factor

 

[Qlds007]

Hi Jac

Whilst you might have formal approval just need to make sure that the lender doesnt call your employer at the last minute only to be told your partner is no longer there and her new employer advises she is still on a probationary.

A combination of both may not go down to well.

 

[jacbmw]

yeah agreed Richard, and not to mention if say in 3 months to the day of starting the new job I apply to the same bank for another loan (as would be planned) and they then call the new employer who subsequently reveals the start date (which is before settlement for this loan)...

not worth all the worry or the what if's!!!

 

[jacbmw]

In a similiar vein.... To do a reval. on a current property, do you have to be outside of the probationary period to get a reval and associated loan extension processed???

 

[Bradsdad]

yes you do jac.

Also in regards to the original question, the lender most likely has a clause with the approval that they have to be advised of any circumstances that may affect the approval.

 

[jacbmw]

Thanks for the advice guys

Looks like she cant go anywhere till settlement!!!