We are looking at moving interstate from melbourne to NSW at the end of the years and want to know if it is possible to sell here and get a home loan for another house, while still employed here. or how long you have to be employed in a new position before you can get a home loan
Hi there
You could be employed for one day and still be elligible for a loan – there's a few other factors to consider however.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
leahjthomas wrote:We are looking at moving interstate from melbourne to NSW at the end of the years and want to know if it is possible to sell here and get a home loan for another house, while still employed here. or how long you have to be employed in a new position before you can get a home loan
Hi Leahjthomas,
You can either ascertain the loan approval prior to moving or you can do it after you move. The issue with the latter is that you need to ensure that the application is strong and that it makes up for the fact that you have been in the current role for a very short period of time. Most lenders have an automatic credit score engine and this would not rate well. There are some lenders that do not auto credit score but again the application must be strong to make up for the short period in employment.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Generally speaking, if you're next job is in a similar role and the LVR isn't ridiculously high than all should be fine on that front. As I mentioned though, there's so many other variables at play when applying for a home loan – employment history is just one so it's hard to give a definitive answer.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
As Jamie mentioned, it all depends on what your new job is and how it fits in with the lenders policies.
As a worst case scenario, most lenders will accept you after 3 months at a new place of employment provided you have also completed your probationary period.
So you are basically saying that it is best to get the loan and purchse the house prior to moving, otherwise we may have to wait months to get a loan
As Jamie said there are lenders who will take into account permanent employment if you've only been there for 1 day. So to say whether your better buying prior to moving it is very hard to answer without knowing. What employment you are moving to? eg.casual, permanent Is it same industry, large pay increase/ decrease. How much equity do you have available.
It is really something you would want to discuss with a broker to work out your specific scenario and the goals you want to achieve.
regards
Dustin McMahon
Your Broker.
0430 110 304 | [email protected]leahjthomas wrote:So you are basically saying that it is best to get the loan and purchse the house prior to moving, otherwise we may have to wait months to get a loanNo.
I'm saying that if your new job is in the same industry as your old job than its still possible to get a loan – even after only being in the new job for a very short period.
It all depends on the loan to value ration as well – if there's no mortgage insurance involved, than it will make things a little easier. If there is mortgage insurance involved, it's still doable.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
The issue with trying to get a loan before you move is the lender will ask whether there are any foreseeable changes in your circumstances that may affect repayments of the loan. Moving interstate, quitting your current job, and starting a new job would suggest the answer is yes to this question.
Whether the lender will approve the loan (especially if you have no new job lined up) would be questionable. You would need to assure them that the move won't heighten the risk of any default on the loan.
If you didnt want to sell first nothing to stop you apply for a relocation loan where the interest could be capitalised for a period of months whilst you sell your current property.
This buys you time to sell the property first whilst relocating.
Cheers
Yours in Finance
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.
