Hi,
I currently have an investment property interstate with about $110k equity, and am currently renting/residing in another city. My bf and I have found our dream house, and the price is good, so we would desperately like to put in an offer.
The catch is, we both are new to this city and neither of us have yet passed our probation periods at work! My partner passes his probation in 2 wks, and I in 5wks. In addition to this, neither of us have any deposit cash!! Im sure other people must have done this before no problems, and if so, what do you write on the offer/paperwork etC?Can anyone please help and provide some advice/ideas as to how we would go about putting in an offer NOW, so as not to miss out on getting this house, under these circumstances???
Thanks everyone!!
You can always put in an offer, you just need to ensure that there is a finance clause in the contract that you sign, as it would seem that getting finance could be the issue that may come between you and your dream home. So you need to ensure that you can pull out of a contract if you cant get finance.
You have equity in another property so you can use this to help get your new home, there are a few different ways that you can be done.
Probation could be the biggest issue that you will need to overcome in order to get finance. There are lenders that will consider lending to people on probationary periods. Things that they look for include:
* Previous work experience in roles that are similar to your current field of employment are highly regarded.
* Teritary qualifications or employment in a field of employment that is highly sought after are highly regarded.
* A letter from your employer stating that probationary period no longer applies in also very helpful.Getting some good advice from a Broker would be very timely.
Cheers
Shane
Buyers Choice Home Loans
[email protected]
0402 408944
SE QldHi Shel25,
I agree with Shane you definitely need to make sure you are clear on the subject to finance clause in your contract. You especially need to be careful if you are in NSW. There are a number of lender that will look at your employement status bases on consistency including your last jobs … provided that
a/ You are doing the same work now as you were in your last job
b/ You are full time employed
c/ You have not had an extended absense from work in between.Even if you are out of your probation periods, being part time or casual would cause problems for lenders.
Hope this helps
I do agree with the other 2 comments but can think of a couple of regular lenders who have a no minimum period of employment rule so whether you are on probation or not will have no bearing on the finance application.
Richard Taylor | Australia's leading private lender
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