Hi all,
I'm new to property investment. I just have 2 questions. I'm in a position where I have just accepted a job offer for a full-time job. The employment contract is for 1 year.
I'm just wondering if this will affect my home loan application if I apply for one, I have had continuous employment for 3 years prior to this new job, I've heard from somewhere that you need to stay in the one employment for 6-12 months before you can apply for a home loan.
My second question is this, with me being on an one year employment contract affect my home loan application? My employment contract is for a full-time job, with annual leave and sick leave and all the other stuff, it's just that the employment contract is currently for one year, but most probably I will be able to switch to permanent employment after 1 year. So it's technically a permanent position. But still, would this affect my home loan application?
I'm looking to borrow about $350K and I have about $40K deposit.
If this does affect my home loan application, then I'll seriously think about backing out of this job offer.
Many thanks in advance.
Simon
AS long as you are in the same industry, like the same job with a different employer, it is not much of a problem as long as you are a permanent employee. If you are on a short contract, they will start to worry, and if you are on probation they will worry even more.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
As Terry mentioned continuity in the same industry is the important part.
Many lenders will have no problem with probation but will want to see you are in the same field or line of work.
Richard Taylor | Australia's leading private lender
Terryw wrote:AS long as you are in the same industry, like the same job with a different employer, it is not much of a problem as long as you are a permanent employee. If you are on a short contract, they will start to worry, and if you are on probation they will worry even more.If the lender "worry" about my situation, would they just not lend me any money at all, or would they reduce the maximum amount I can borrow. Because I did a pre-approval a month or two ago and the maximum I can borrow is $380K, and I do not intend to borrow that much (maybe $300K).
And would it help if I be upfront and explain to the lender that this is not the normal contract employment and it has the same job security as a normal permanent position, or just try to avoid the issue until it is brought up?
Personally i would tell the lender up front as if you dont they will find out anyway when they do their telephone verification.
Rather than go through the anquish of waiting to find out why not get someone like Terry to do the loan for you from his extensive suite of lenders and then he can push the deal through for you.
Cost = Absolutely Nothing.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
