Browse Forums Home Finance 1 Sep 02, 2013 3:27 pm Hey all. So we are at the very beginning of our journey. We have put a deposit on some land, and are now about to commence finance approval with the bank (we already got a pre-approval). My question is, that I want to leave my current job, as they are relocating the office and its WAY to far to travel. What happens in regards to my home loan? Will I have to put another 6 months in at my new place before I can get approved, or will they go on my previous time at my current employer (over a year). I dont want to rock the boat with the bank, but I really want to leave. My new role would be in the same area of profession (and probably more money) Any advice would be appriciated. Re: Changing Job during home loan application 2Sep 02, 2013 3:32 pm You'd want to check your bank's lending policy on probation before you do that. Some banks accept it, others don't. If you are part way though the process then your land loan could be declined leaving you to lose your deposit. Or you may settle the land and then have your construction loan declined which could cause delays or cause you to refinance and pay LMI again. FYI some lenders do random employment checks prior to the loan settling so I wouldn't even change jobs between approval and settlement. A good broker can sort this out or you can talk to your bank manager about a "hypothetical" situation. Re: Changing Job during home loan application 3Feb 01, 2014 10:19 pm laura250blue what happened with this? Did you change jobs? I only ask because we are in the same position. We have unconditional approval for the land which should register in March but we haven't signed a contract for the house.... Our bank advised against changing jobs at this stage but it's a government job for my DH and living in a regional town these jobs aren't easy to come by so if he doesn't take it now it may not come up again... Lexia Slim Twist with Beechwood Homes http://houseoflexia.blogspot.com.au/ https://www.instagram.com/natlyn7/ Re: Changing Job during home loan application 4Feb 02, 2014 10:37 am It all depends on the bank, if you are staying within the same industry and if you are going up a pay scale. Of course its not ideal but if you can justify it and speak with your lender BEFORE you do anything then it might not be the end of the world. My OH had only been at his new job 3 months when we got our unconditional approval but had been in the same industry for 6 years. Researching a build in South Australia from Sydney. Re: Changing Job during home loan application 5Feb 02, 2014 11:10 am My partner changed jobs after our pre-approval and before unconditional approval stage. Our broker said that it wouldn't be a problem as he was moving from one government position to another, doing basically the same thing... just with a different department. He was permanent already and was moving to a new permanent position. It is worth asking your broker, as ours made inquiries to the bank for us without saying who we were, so there was no danger of our loan being compromised just by asking. My Building Thread:https://forum.homeone.com.au/viewtopic.php?f=31&t=66153 Re: Changing Job during home loan application 6Feb 03, 2014 3:06 pm Thanks for the responses. He has been in the IT industry for 10 years just working for different companies. He will now be working within IT still (same sort of position) but just for the government. We have been unconditionally approved by Westpac for the land but by the time we need to add on the cost of the house he would've only been in the job for 3 months. I have approached a broker today and he is going to get back to me with options. We are yet to sign with a builder but want to get the ball rolling. Lexia Slim Twist with Beechwood Homes http://houseoflexia.blogspot.com.au/ https://www.instagram.com/natlyn7/ The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 18897 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 Thanks for the response! However, it's have been sorted. But for others benefit here is what we had to do. Unfortunately, it's not straightforward. BCC washed their hands… 3 7185 |