Changing jobs in same industry, how will this affect my ability to get a loan?

Viewing 5 posts - 1 through 5 (of 5 total)

Matt39
Member
@matt39
Join Date: 2012
Post Count: 42
May 28, 2013 - 10:21 am
I am looking at changing jobs as we are downsizing.
I currently earn $90k a year and am looking at a job that will earn most likely more with better conditions (fly in fly out)
This means I can move home (Brisbane) and invest in markets in that area.
Wondering if I did take a job like this how it affects me getting a loan? I have been at the same job for over 18 months and can loan just under $600k possibly so wondering if there is a wait on getting a loan once changing jobs?
The other option is to move back to brisbane and work locally where I may earn around $60k a year, $70k if I am lucky.
In this case if my rents are making my investments neutral or pos geared will it be hard for me to borrow more supposing I had deposits saved? Just a bit worried about how this will effect me to move forward with my investments (maxing out borrowing power)
Any input is appreciated, thank you
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 28, 2013 - 10:55 am
Hi Matt
A change of job in the same industry is ok. If LMI is required, it helps to have been working in the same field for a couple of years.
I can't comment too much on your borrowing capacity without knowing the specifics of your situation.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Matt39
Member
@matt39
Join Date: 2012
Post Count: 42
May 28, 2013 - 11:01 am
Thanks Jamie, yeah I would be borrowing with 5% deposit. I have been in the same field for over 2 years with a 5 month break and another 18 months really.
What are the specifics you would need to know? It is a very hypothetical equation I know.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 28, 2013 - 11:12 am
Hi Matt
would need to assess your income/liability situation, tolerance to risk, future goals – the list goes on.
From an employment perspective though, if you've been in the same field for a couple of years than should be ok on that front. If there's a probationary period with the new job – it's still possible but options are limited.
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Matt39
Member
@matt39
Join Date: 2012
Post Count: 42
May 28, 2013 - 11:24 am
Thats understandable Jamie, thanks for the insight. Just trying to find out as much as I can about my options so I don't make a dud move!