Does every lender ask that a person applying for a loan be in their current job for 3 months or more?
Cheers
“Looking forward to the day when I can tell the boss where to go”
Yes good sir Myydral
Off the top of my head, probably the main ones would. Some may even require 6 months if your previous job was in a different industry. Some low doc/no doc loans do not have these requirements though.
Terryw
Discover Home Loans
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
From my experience a letter from the employer stating that they are NOT on a probationary period is normally sufficient. But this will not be the case with all lenders.
Less than 3 months is sometimes acceptable particularly when you have started a new job in similar industry (ie a career move). A letter from the employer would be required stating that there is no probation period. Could also depend on the strength of the deal (how strong the servicability is etc)
Find a good broker who can put your deal up with the best chance of being approved.
Cheers
Clare
[email protected]Not necessarily – as long as you’ve got some equity in your current property, they may not ask for your job criteria.
I was casual in my job when I got my first loan and all I did was obtain a letter from my employer stating I was working x amount of hrs per week.
Kind Regards,
Geo.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Not all lenders are the same.
Some are very flexible – esp if LMI isn’t required.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Low doc loans….
For most employment doesn’t matter – just your avowed income level (sometimes testified to by your accountant).
Particularly useful for contractors & those people who have recently changed jobs.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
Acey
Unfortunately most good low doc loans require that the applicant be self employed for more than 2 years. Mot want an ABN or company registered longer than 2 years as proof.
Terryw
Discover Home Loans
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
Terry,
Clearly you work off a different loan book than my broker [biggrin]
Would you feel more comfirtable if I said nodoc loans?
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
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