Hi all,
I have been at my current job almost 12 months but am getting ready to start with a new company in the next 2 months or so. My question is, can I buy a house in the next month or so, using my current job status for the pre approval etc, even though when the settlement happens I’ll be in the new job?
A year or so ago before I started this new job this exact question came up at the cba. I’d been employed for a couple of years with one company and just started with a new one a couple of weeks before applying for a loan, I told the woman about the new job and my time there and she said ‘you should’ve just told me you were still at your last job and I could have put it through using that info’
so, do they check your status prior to settlement? Could I find myself in hot water if I went for a 450-500k loan next week, sign contracts and stuff in the next month or so, and then move jobs? Or is tis just wishful thinking?
My job is secure and can fund the loan comfortably, but an advice on how to manage this situation would be great, thanks!
The new job is out of my current location as well, so may look a little sussex if I want to buy a house 300km away? Oh man…
Thanks!
Midsomer wrote:Hi all, I have been at my current job almost 12 months but am getting ready to start with a new company in the next 2 months or so. My question is, can I buy a house in the next month or so, using my current job status for the pre approval etc, even though when the settlement happens I'll be in the new job?You can……but technically you shouldn't. A significant change to your financial circumstances such as starting a new job should be declared to the lender. Having said that though, starting a new job (even if it involves probation) doesn't always preclude you from obtaining finance. I just arranged a pre-approval today for a forum client in a similar situation.
Midsomer wrote:A year or so ago before I started this new job this exact question came up at the cba. I'd been employed for a couple of years with one company and just started with a new one a couple of weeks before applying for a loan, I told the woman about the new job and my time there and she said 'you should've just told me you were still at your last job and I could have put it through using that info' so, do they check your status prior to settlement?Again, technically you've done the right thing – but now that it's become apparent, she would need to make note of it in the application.
Midsomer wrote:Could I find myself in hot water if I went for a 450-500k loan next week, sign contracts and stuff in the next month or so, and then move jobs? Or is tis just wishful thinking? My job is secure and can fund the loan comfortably, but an advice on how to manage this situation would be great, thanks! The new job is out of my current location as well, so may look a little sussex if I want to buy a house 300km away? Oh man… Thanks!Yes, if they carry out another employment check. All in all, I'd speak to someone about your options of obtaining finance the right way – i.e in your next job and fully disclosing your situation. The rules (are usually) in place for good reason.
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]
I was in a similar position when I bought my home in 2008. As I recall, my length of employment there was the only thing that came up. I don't know how things are right now, but I really think it'll be the same situation – if you've got a solid work history, I bet you'll be fine.
Talk to human resources and see if they will give you a month or few weeks of temporary housing so you will have the pay check in time to close . See whether they will pay for furniture storage fo r a month or until you can receive your first check.One of my clients was able to arrange that to qualify.If all the other parts of your loan application represent a 'good deal' for the lender then it can come down to continuous employment type. In a previous existance I was an IT contractor who worked stratight through multiple jobs and configurations but allways long stints and same industry, loans would come through.
My partner is now temp, part time but same industry for 25 years and 100% of income was acceptable.
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