Browse Forums Home Finance 1 Dec 24, 2008 8:53 pm I've just got a new job and trying to see if it will be possible to get a home loan while i still have 3 months on probation.
is there any chances or will i just have to wait; i want a loan a lot much less than my borrowing power. home loan tips, home loan advice, first home loan 3Jan 05, 2009 2:45 pm Great idea yvette. I have settled many home loans where my applicants were on probation.
Anything is possible in lending (within limits) so don't take no for an answer. If the first mortgage consultant says you haven't got a chance, ring another mortgage consultant to find you a lender that accepts your situation. Accredited Mortgage consultants or Certified Mortgage Consultants (more experience) will do the qualified research for you and customise your solution. Re: New Job 3 month probation 4Jan 05, 2009 5:55 pm I've had this situation before and a clever agent helped me through it.
I moved government departments so instead of putting department of ABC in the employment section we put Australia Public Service, mind you by the time we sorted all the figures I had just cleared my 3 months anyway so it wasn't really a problem, more a catch all if the fan hit the sh!t. Just an idea for you perhaps you could 'craft' a response to the criteria.... but I'd err against it. But I was really replying to this thread to say that IMO any agent that had YOUR best interest in mind would certainly tell you to wait 3 months. During that 3 months you have NO security and you may well be borrowing below your limit but try that calculation when your income is $0.... in short just wait, please, for everyone's sake, no one like to read the fall out of something like that. Re: New Job 3 month probation 5Jan 06, 2009 7:16 pm no job is a sure thing anymore Once banks were consider safe job that is no longer the case, people no longer have the same job for there whole working life they are several careers, So I would not let that stop you finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: New Job 3 month probation 8Jan 06, 2009 8:10 pm it really is career dependant too. supply and demand sort of thing. I work for the government on contracts as a Social Worker and we are never out of a job I have been on contract for nearly 18 months now and I have no concern about being able to get work. We had no problems with the Commonwealth Bank. Good Luck! Times have changed nothing is guarenteed anymore! Kylie handover happened 15/6/09...love living on an acre but still so much to do! Re: New Job 3 month probation 10Jan 07, 2009 7:20 pm Adrian B It does depend on the job you are in, but as above it can be done. Stormy hs been through that recently as her hubby was laid off. That is really good news; any info on the bank or the intitute who accepts people on probation would be just great. Thanks Re: New Job 3 month probation 11Jan 07, 2009 11:32 pm Saleen, just saw this thread and thought I had better warn you re your probation. I hate being the dark cloud when others have just given you some hope but, as they say, being forewarned is being forearmed.
While it is good that you are after a loan for much lower than your borrowing capacity (and this will definitely hold you in good stead with the banks,etc) the success of your application will probably depend more on the LVR (loan to valuation ratio) of the loan. If you are applying for a loan with an LVR of less than 80% then I think you have a very good chance of securing your loan however if the percentage is greater than 80% (and you have no guarantors) it becomes more and more problematic as the LVR rises. This is because once you exceed 80% you will need take out LMI (Loan Mortgage Insurance) which is provided by an independent insurance company. Hence, not only do you have to satisfy the bank's lending criteria but you will also need to comply with the insurer's criteria as well; which, at the moment, is very tight. I wish you luck; my wife and I were in the same position twelve months ago due to us relocating however things were different then. 'We make a living by what we get, but we make a life by what we give.' - Winston Churchill Re: New Job 3 month probation 12Jan 08, 2009 5:55 am enigma_brennan Saleen, just saw this thread and thought I had better warn you re your probation. I hate being the dark cloud when others have just given you some hope but, as they say, being forewarned is being forearmed. While it is good that you are after a loan for much lower than your borrowing capacity (and this will definitely hold you in good stead with the banks,etc) the success of your application will probably depend more on the LVR (loan to valuation ratio) of the loan. If you are applying for a loan with an LVR of less than 80% then I think you have a very good chance of securing your loan however if the percentage is greater than 80% (and you have no guarantors) it becomes more and more problematic as the LVR rises. This is because once you exceed 80% you will need take out LMI (Loan Mortgage Insurance) which is provided by an independent insurance company. Hence, not only do you have to satisfy the bank's lending criteria but you will also need to comply with the insurer's criteria as well; which, at the moment, is very tight. I wish you luck; my wife and I were in the same position twelve months ago due to us relocating however things were different then. Thanks a lot, that what the broker told me; it is not a big deal to wait for 3 months but the thing is that i don't want to go on another 6 months lease agreement as the one i am on now will end after 4 months but will see might be able to get a loan just before or after the probation so i can avoid another lease. Re: New Job 3 month probation 13Jan 08, 2009 7:15 am If the money is to build you'll be renting for a while yet, if it's for purchasing then you'd better have a seller all ligned up to get it all said and done in <4 months. Re: New Job 3 month probation 14Jan 08, 2009 8:11 pm everyone said he should give it a go. finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 home loan during 3 month probation in new job 15Jan 12, 2009 12:07 pm Saleen Thanks for your feedback guys; i've just started with my new employer this week. will look for another broker as the one i contacted advised me to just wait. Thanks You will need payslips from the new employer though. So if you get paid monthly, you will need to wait a little while before you can apply. Re: New Job 3 month probation 16Jan 12, 2009 2:17 pm CBA approved my loan last November when I was new at my job - like 2 weeks in. I had a 3 month probation as well.
I think it depends on the various banks if they require you to complete probation before approving your loan. Re: New Job 3 month probation 17Jan 12, 2009 5:08 pm reaver CBA approved my loan last November when I was new at my job - like 2 weeks in. I had a 3 month probation as well. I think it depends on the various banks if they require you to complete probation before approving your loan. reaver What % was your deposit? Did you make your first application with them during the probation or did you change jobs after you got your home seeker pre approval? Re: New Job 3 month probation 18Jan 12, 2009 5:23 pm thlo reaver What % was your deposit? Did you make your first application with them during the probation or did you change jobs after you got your home seeker pre approval? thlo, we paid a 10% deposit on the land. I made my application during the probation period. I was totally upfront with my employment situation and my bank manager said it was not an issue. Also, I was moving from one large company to another and with the same job responsibilities so that might have been a factor. HTH home loans in sydney, sydney home loan advice 19Jan 12, 2009 5:27 pm That's great, i was just checking as with a smaller deposit it would have been an issue (with most lenders). It also depends on your industry, i.e. if you are a primary school teacher or a nurse, your job is seen as being very secure. Borrowing money while on probation 20Jan 15, 2009 1:06 pm Yeah a lot of Australian banks are very touchy about probation. My personal opinion is that most people who are in a new job have a pretty good idea if it is secure, and wouldn't apply for a loan if there was a good chance that their employment might get terminated.
The majority of the banks have the below rules: Borrowing <80% of the property value: You can get a loan while on probation however you must have been in the same line of work for at least 2 years. Borrowing >80% of the property value: Not going to happen! Of course there are exceptions. Two major banks completely disregard any probation period, in other words they don't even take it into account when you apply for a loan. In other words you could have changed jobs yesterday AND be in a new industry and they would still approve your loan. You can find out more about getting a loan by doing a google search. The maximum you can borrow is 100% but that is with St George who technically can approve loans while you are on probation but in practice they will decline it. So realistically you can borrow 95% + LMI. Good luck buddy! Regardless of wall hung toilet or floor pan toilet your feet will be right on drain, seems to me the waste should not be in that location given the design. Also are you… 6 7037 Last year I had a gas leak at my house. 3 days later, I have about 1 sqm of my exposed aggregate paving broken up. I am not sure how to go about getting it repaired… 0 10410 Thanks for much mate. I see that you do cabinets before flooring. For timber flooring, for most parts it's fine because it's got base plates, and for door jabs you can… 7 11560 |