In the process of organising finance for a purchase and have been made an attractive offer for a new job.
Given the probation period associated with most jobs, my thinking is that most lenders would like this period to be over and firm offer of employment made.
I have also been told previously (not sure if its true though) that if your new job is similar to what you were doing previously that it becomes less of an issue. It is when it is a different role/field that it becomes more problematic, which in this case for me it is.
I thought pre-approval might overcome this, however there seems to be that many outs for lenders that I am not sure that would hold up.
I am sure people (either borrowers) or the MB’s have experienced this situation before. What is the best course of attack in this situation? (Other than not accepting the role!)
If you have changed jobs and the jobs were in the same industry, you shouldn’t really have a problem. I had client who had been in his new job for 5 weeks (in the same industry for 5 years) and didn’t have any problems obtaining the loan or mortgage insurance. Tell the lender you have been headhunted and have been given a much better package otherwise you would still be in your old job. This normally works.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
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E:[email protected]Development Finance Specialist
Well its my understanding that the mortgage insurers will not touch anyone that has not completed their probationary period. I have helped people in a probationary period where the LVR is under 80% and LMI not involved. If you need to borrow more than 80% then I would be careful.
Just make sure you purchase “suject to finance” so that if things do go wrong you can get your deposit back.
Cheers
Stu
I think kwilko is right, if you are in a new job for less than 6 months, u need to have same industry work experience for 2 yrs to quanlify LMI. If you only apply for less than 80% LVR, many lenders are quite easy to deal with like Stuart said.
I beleive being in the same industry is OK, but if you are on a probation period, then they won’t accept that. Either way it would be risky going uncondition in a situation like this.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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