Hi Everyone,
We've run into an unexpected hurdle. My partner started a new job 5 months ago (prior to that he was employed in one job for 9 years) and is under a 6 month probation period. We didn't really think about that at all and didn't know that it affected finance. We have our first investment property (have a home in partner's name with a fair bit of equity that we are using) under contract – settlement 2 days before my partner's probation is up.I've talked to our mortgage broker and I am able to finance the property by myself – but we wanted joint names so that we could share the tax deductions. The main reason we want this is so that in 5 years time when we have kids and my wage decreases i can still manage to earn enough to claim the deductions but it won't be so hard since partner's wage will only go up.
I don't get this – if i can service the house myself – why do they care about my partner – doesn't it only make it better having it over catered for with his income as well?
to keep it in both names could we have a guarantor? and then remove the guarantor 2 days into the loan when partner's probation is up?
also i'm worried that if we have to change it to my name that would mean a new contract in which case the sellers might choose to ask for more bids – they've had a lot of interest in the open homes since we signed the contract.
our first option is talking to my partner's employer and trying to get them to drop the probation – his boss is fine with this as they really like him – but it will be up to the HR people.
Any advice would be greatly appreciated.
ThanksSimply any lender worth their salt wouldnt.
Property can be in Joint names loan can be in joint names with only 1 income taken into consideration.
There are lenders out there who dont care less if you are on probation.
Sounds to me like your mortgage broker has got confused over the deal or maybe it is the first one he/she has done.
Just tell him to get it approved and move on.
Richard Taylor | Australia's leading private lender
Issue solved – probation being shortened
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