- Hello Everybody,My partner and I would like to purchase our first property in Sydney. Preferably a 2-bedroom apartment in the Inner West with potential to add value through cosmetic renovations. We would like to live in the apartment for six month, get the reduced FHOG and then rent it out as an investment property. We have saved a 20K deposit and are both working in full-time employment. I have worked for my current employer since three years but will start a new job with a new company next month. My partner has been working with her employer since two years.I have spoken with a Mortgage Broker who told me that I have to wait six month before I can apply for a mortgage since job continuity is one of the key factors the banks assess when looking at a loan application. We have a clean credit history, no debt and a combined net income of roughly $ 6.500 per month.I would like to get into the market as soon as possible. Is there any way I could get a loan without having to wait the six month?Any help or feedback would be greatly appreciated.Thank you,Kurt
If you can show 2 years worth of tax returns that show that you earned a decent income, the presumption will be that you will likely continue to do so. In this regard, some banks might be happy to offer you a normal loan. Try CBA.
Otherwise there is a low-doc loan, but they often only put up 60%.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi there, The other alternative is that your employer provides you with a letter to say you will or have passed probation? There is a number of ways to word it that works for the banks and works for the employer – just takes a bit of thought and negotiation..
More than happy to discuss or help further – email me at [email protected]
Good luck and I hope it all works out the way you want it to!
Best wishes.
Jodie
Hi Kurt
Firstly welcome to forum and i hope you enjoy your time with us.
Certainly there is no requirement to have 6 months continous employment with a new employer especially with a good previous employment record. Certainly if the new position was subject to a probationary period then might be slightly harder but in saying that I do have 1 lender that does not care about this as long as everything else is equal.
Feel free to drop me an email with some numbers and I would be happy to provide you some ideas.
Richard Taylor | Australia's leading private lender
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