Hello,
In short: how long does someone need to work before a lender will lend them money based on their income?
In greater detail:
My wife is currently studying at uni, and next year will return to the work force full time in a very stable job (public hospital). I myself have been working full time for approx. 6 years non-stop. We currently have a home loan and today inquired about how much we could borrow to buy an IP or a new PPOR (keeping the current one as an IP). This estimate was based on my salary alone.
But then we asked for an estimate of how much we could borrow when my wife starts working (assuming a salary for her of about $50k pa). It was almost double the amount!
My question is: how long does my wife have to work before the lender recognises her income? eg, as soon as she starts working and has a contract stating her salary will that be enough to factor her income into how much they will lend us? Or does she need to work for at least 6months, a year etc, etc...?
I asked one mortgage broker today who said that since I have been working for a while, then the bank will probably be lenient and take my wife's income into consideration as soon as she starts, rather than making us wait a while until she "proves" herself. I just want to double check with you all if this seems correct???
Thanks for any replies
John
In short: how long does someone need to work before a lender will lend them money based on their income?
In greater detail:
My wife is currently studying at uni, and next year will return to the work force full time in a very stable job (public hospital). I myself have been working full time for approx. 6 years non-stop. We currently have a home loan and today inquired about how much we could borrow to buy an IP or a new PPOR (keeping the current one as an IP). This estimate was based on my salary alone.
But then we asked for an estimate of how much we could borrow when my wife starts working (assuming a salary for her of about $50k pa). It was almost double the amount!
My question is: how long does my wife have to work before the lender recognises her income? eg, as soon as she starts working and has a contract stating her salary will that be enough to factor her income into how much they will lend us? Or does she need to work for at least 6months, a year etc, etc...?
I asked one mortgage broker today who said that since I have been working for a while, then the bank will probably be lenient and take my wife's income into consideration as soon as she starts, rather than making us wait a while until she "proves" herself. I just want to double check with you all if this seems correct???
Thanks for any replies
John
