Browse Forums Home Finance 1 Oct 08, 2011 3:12 pm Hi there, I've just submitted a full docs construction loan app with a local Bank here in Perth. At the same time, I have job interview coming up with a potential 30% increase of my salary. So its something worth doing. My question is: How many business days does it takes for a Bank to approve a construction loans? Should I wait until the loan is unconditionally approved then resign at my current job? Will it be safe? Re: Changing Jobs while applying for home loans 2Oct 08, 2011 7:47 pm A guy from work bought a house a long way away and had a new job setup for when he moves so technically its the same thing. I think your best bet is get the loan all sorted out then change to the new job http://lindeman28.blogspot.com - Our building blog Re: Changing Jobs while applying for home loans 3Oct 08, 2011 7:53 pm I'd wait til you know that the loan is definitely going through. You'd hate for there to be delays in construction and the bank asking you for updated payslips. It doesn't happen often but you never know. Land at Chermside At tender stage Re: Changing Jobs while applying for home loans 4Oct 08, 2011 11:37 pm Yeh so i will wait for the loan to be unconditionally approved. Re: Changing Jobs while applying for home loans 5Oct 11, 2011 8:33 am ----cautious ---- A unconditional for a construction loan is a lot different to standard purchase in that the funds are given to you in stages....IF the bank finds out ( ie... they might ask for new payslips if you decide to borrow more because construction cost blows out of the water) then they can stop paying you the progress payment as part of their risk management - it's rare, but has happened, especially if your unemployed or going into a high risk contracting short term role) To answer your question, it depends on the bank; out of 47 banks i deal with, 19 of them allows a job switch from day 1 ( as long as it's not ABN contracting or self employed) , the rest has a 3-6 moth probation period ( case by case of course). So which bank is it?? The best and safest policy to take is to be upfront and get the bank to approve the possible change over as well...that why you don't need to worry and can be certain should there be any changes during construction. IF your bank won' work with you, there are 100's of another banks in Aus that will, at the same or better rate! Remember construction loan is a 6+ month commitment, not a one day unconditional -forgot and leave. Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Changing Jobs while applying for home loans 6Oct 14, 2011 11:37 pm Hi Michael, I'm going through with Bank West (Premium select 6.95% comparison rates). Yes i'm switching to full time (permanent) roles. Have been in the same industry for 4.5 years. The loan was based on a (fixed price) building contract with pre-start variation included. So i think its fairly safe to assume there wont be cost blow out. Its probably too late to change the loan app conditions. What do you think i should do? (reject the +30% job offer, stay at my current job and wait until house finish or take the risk and see what happen) Re: Changing Jobs while applying for home loans 7Oct 18, 2011 12:41 pm Hi Eaglestrike. Sorry for late reply as i dont check the forum everyday. But thank you for your email- i have posted a reply + attachment of Bankwest Policy regarding job change FYI. Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Changing Jobs while applying for home loans 8Oct 28, 2011 10:04 pm Hello. I too am late at replying to this but have been in a similar situation. My husband and I currently have a land loan through Bankwest and had been given pre-approval (although it doesn't mean much) for the construction loan. My husband changed jobs to a better paying job and although received a letter of confirmation from his new employer 4 weeks after starting to say that he had passed probation and was a full time employee, Bankwest have told us their policy is that any change of job requires a waiting period of 3 months. He was staying in the same industry and was never 'un-emplyed', ie. went from one job straight to the next. Our broker did say that we could try applying to Bankwest earlier than the 3 months but no guarantee would be made and that it would be assessed depending on deposit, LVR etc. We decided to wait the 3 months out and luckily it hasn't affected us at all really as we're waiting on council DA approval and builder now anyway, and in the meantime we have had the extra time to save even more. I hope everything worked out for you in the end .... Re: Changing Jobs while applying for home loans 9Oct 29, 2011 9:41 am Yeh at the end I decline job offers. 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