Three months of employment mandatory?

[start-up]

Hi all, I have a finance approval question. I've just switched jobs (and career paths) and would like to push forward with my first property purchase. I vaguely recall it being a requirement to have been in a place of employment for three months to receive home loan approval.

Can anyone confirm if this is a stringent policy? I'm looking at using NAB as my lender as I get a better rate and a cash incentive through arrangements with the Defence force.

I'm working for a mates dad so he should be able to vouch for my job security.

Thanks

 

[Aaron_C]

No that is not a requirement at all, particularly if you are in the same industry.

 

[Shahin_Afarin]

Generally not an issue if its the same industry. When LMI comes into play, particularly and LVR of say 95% then credit will need to sign off. Based on the above I don't think you will have an issue.

 

[start-up]

Hmmm, it's a completely different industry. Moving from client account management to getting my hands dirty in construction. Eight day course in scaffolding leads to a job that pays twice what a graduate degree position provides. The world is crazy.

I'll chat to a broker though, it sounds like it won't be too much of a problem.

 

[pinkboy]

Hmmm, it's a completely different industry. Moving from client account management to getting my hands dirty in construction. Eight day course in scaffolding leads to a job that pays twice what a graduate degree position provides. The world is crazy.

I'll chat to a broker though, it sounds like it won't be too much of a problem.

Scaffolding huh? Great fun putting up standards, jacks, ledgers and hop-outs! No so fun when your boss asks you to go and grab him a tranny


pinkboy

 

[Shahin_Afarin]

Ok then the all important LVR question comes into play - what is your LVR?

 

[start-up]

Scaffolding huh? Great fun putting up standards, jacks, ledgers and hop-outs! No so fun when your boss asks you to go and grab him a tranny

pinkboy

There's nothing I won't do for the right price

Ok then the all important LVR question comes into play - what is your LVR?

My new income will be approx. 85k gross, hopefully my borrowing power will allow me a $340,000 loan. (roughly 90k deposit excluding 17k in grants I'm entitled to.)

 

[Shahin_Afarin]

Ok then employment shouldn't be an issue when applying for the loan. Good luck!

 

[Rolf Latham]

Can anyone confirm if this is a stringent policy? I'm looking at using NAB as my lender as I get a better rate and a cash incentive through arrangements with the Defence force.

So you are eligible for the Def force Home loan ?

I recall this is only available as PI, which may be ok.


ta
rolf

 

[saiman]

done this a couple of times...no need for probation period to end but you'll need a letter of employment and a payslip!

 

[start-up]

So you are eligible for the Def force Home loan ?

I recall this is only available as PI, which may be ok.


ta
rolf

Yep, Defence Home Owner Assistance Scheme. Sorry's what's PI stand for?

 

[Aaron_C]

Yep, Defence Home Owner Assistance Scheme. Sorry's what's PI stand for?

Principal & Interest.

 

[start-up]

Principal & Interest.

Ahhh, that's right. Memory should have recalled that.

Happy to pay PI, I'm too old to not chip away at the principal