Getting finance during a new job probational period

Hello everybody,

Has anybody had any luck getting finance during a new jobs probation period. The period is 6 months by law and my broker told me I had to wait.

Is there a way around this? My wife is working full time in a job she has been in for 5 years and my new job pays 20k more than my last job giving a total house hold income over 190k pa and we have over 400k in equity in our three properties. I cant believe that just becuase you get a better job you have to wait. The new company are happy to supply a letter stating that my empolyment is secure.

I cannt wait 6 months as I see good buys everywhere

Thanks Daryl

Sack your mortgage broker he is feeding you lies!

At the end of the day a mortgage broker is a typical salesman, if the sale appears to difficult they will back out.

I am sure there will be banks that will lend you money for your investment if you take into account both you and your wife's income. If they don't like that then try accessing as much equity as you can to invest with. It costs the same (almost) as getting a new loan but might be easier to get approved.

Approach the banks yourself and don't trust your mortgage broker's advice.

Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click Away

Hi Daryl

Seems to be a popular question as this is the 3rd time i have been asked it.

As long as your wife is in similar employment and it is not a 95% lvr then probation will ot be a problem for certain lenders.

Have to disagree with what Ryan said as approaching a lender direct will not do you any good.

Had a client today who had approached one of the big 4 lenders direct to be told NO Problems. Of course when she lodged the application it went from the Branch upto  the lenders credit department and they declined placing a CRAA entry on her credit report.

Bank staff are there a merely to sell you their own products and services and will certainly not tell you that you could do better across the road or elsewhere.

A good Mortgage Broker can look at the whole picture and then submit the deal accordingly with his knowledge of the lenders credit policy.

Richard Taylor - richard@tayloredfinancialsolutions.com.au Tel: 07 3720 1888
Residential Mortgage Broker providing structured home loan advice for investors and owner occupiers all over Australia.
Thinking of buying your next investment property using a SMSF. Email me for a copy of my SMSF EBook.

I was in this position when we bought our ppor 9 years ago.  We had no problems, all I had to do was get a letter from my employer and we were good.  That was 9 years ago though...guessing things have changed a bit since then!!

dbliss

Thanks everybody for your help

@ Richard - I guess I am a little biased. I have had a few very bad experiences where mortgage brokers treated me extremely poorly. They told me it was impossible for me to invest. I then went to the banks myself and got lending directly from them without any real hassles.

I understand the value of mortgage brokers, but have been burnt by them a few too many times and thus do not know if I will ever go through a mortgage broker again.