Employment issues =( Totally LOST faith!!

Argh!! We're at the last stages of putting our loan application through with Bankwest. Our LVR is 92%.

Ok now for employment. I work as a contractor through an agency and have been for the last 19months, and the same industry. I've got a letter from payroll stating this.

My husband has been working since June 2010 (6 months), he is off probationary period, however isn't permanent, he also gets paid by an agency. His previous employment isn't in the same field. His payroll have provided a letter of his employment, also stating permanency is usually granted after 6 months, in this type of job.

What are our chances of getting our loan approved, considering we'l have LMI?

Will be extremely difficult. The prob is LMI have the final say. The fact that you are both employed via an agency plus your other half has had a change in role will make them nervous.

It isn't a forgone conclusion that it will be a no - hopefully your other criteria is strong. Ie residential address lengthy, good long savings record and minimal debts.

I've been living in the same add for last 13 years with parents, partner moved down from overseas at the start of the year, we pay no rent bcoz we live with rents, so we save quiet a fair bit, and have been since the start of the year. Only debt is hecs of 20,000, no credit cards.

There are one or two lenders that would look at this. Just make sure you confirm with the lender before filing the application or you'll get a hit on your credit record. The mortgage insurers don't like to see a busy credit record.

Do you know who those lenders could be?

My company specialises in lending to contractors & people on probation, have a look at the "unusual employment loans" section on our website. Feel free to give us a call between Christmas and NY, I will not be there however one of our mortgage brokers will still be in on Wed, Thurs & Friday. We can likely get you 90% + LMI (91.5% approx).

BankWest is quite conservative with employment for loans >80% LVR as they do not have a delegated underwriting authority with their mortgage insurer QBE. The end result is that QBE knocks back a lot of loans that BankWest themselves have no problems with.

Hi,

This is a sticky situation, as long as your another credit file conditions are excellent- you will be fine.

Credit files Condition:
1. Less than 1-2 credit enquires in the last 12 month
2. No credit default
3. been at your current address for more then 2 years
4. Have at least 5% “genuine Savings"

Having said that, as pervious poster advise it is dependent on lenders as well, and as JB mentioned bankwest don’t have in-house delegation which makes it harder for them.


Regards,
Michael

Hi Guys,
Thanks for ur posts. Any banks or brokers you could recommend to me?

Also JB, you mentioned you could help us if we are borrowing 90% , can that include the government grant? We have 5% genuine savings

Government grant is not considered "genuine saving". sorry