Considering I am on good salary and no debt. I have to change my job for various reason and it is important at the moment for me.
If I change my job (will be initially on probation) and then apply for loan – what are the chances that it will be approved ?
I am just thinking to applying for loan after I change the job once I know more about my new job. or Will it be best to get pre-approved loan while applying for new job etc.
Pls suggest as complete IP stuff is getting postponed by changing job. And I am looking for 95%+LMI.
Terry, Banker, FinSpec, ryan mclean, duckster and Richard – your suggestion most welcome. Others, your suggestion welcome too.
Hi There,
You could still have a good chance of approval if all other areas of your application are strong (credit worthiness, income, etc etc). The Bank would also look at your previous employment history (to ensure you weren't going from job to job every few months). But assuming everything else comes up ok you could still get an approval during probation. You can get a pre-approval letter in place whist you are at your new job and prove your income then, as long as you will be purchasing soon after, as most pre-approvals are only good for 6 months these days.
Not sure on the policies on all other banks, but you might struggle to get a 95% plus LMI lend unless you have a good existing relationship with that Bank. Most would probably only lend 90% plus LMI for an IP…
Hope this helps! Good luck!
Regards,
Matt.
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