Friends,
I have checked some topics here but couldnt find answer that I want. I am in the middle of buying a first home and cooling off just passed. Three days ago I got a really good job offer and they asked me to start to work 1 week from now. I have sent my resignation letter to my current company. My concern is I am 3 weeks away from settlement of my home, and bank have approved the loan, and I am about to complete all the loan documents this Thursday.
Will this affect the finance? Need some opinions.
Ajay
Normally a lot of banks will say no- because
1. you be on probation
2. No job stability
3. They “may” do a final check before settlement – you dont want to risk it…as they have the right to pull out.Some banks are ok with probation; so Which bank is your unconditional with? also what is your LVR?
Worst comes to worst; you will have to find new lender at the last minute – and you will have to do it QUICK!!! ASAP.Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
or your another option is to delay the start date…im sure if they really want you they would understand.
But really as part of responsible lending; you should let the lender know…but it may be a catch 22- you die if you dont…you die if you do.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hi Ajay
Why risk it? Can't your new employer wait a few weeks? Surely they'll understand your predicament.
What's the LVR on the loan?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Can you have settlement moved forward several weeks?
Offer free rent to the sellers for that time if they move things along or pay for them their removal csts if they move out now or pay their rent for the same period? All worth a shot..You should have not resigned from the existing job. Some banks can and do employment checks again closer to settlement.
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
Hi guys
It seems I have to negotiate with the new company. I checked this morning, that my letter is still on HR guy hand, I asked it back. He hasn’t handed to the Director to sign. So that part is fine. I really do not want to risk it, but 30% better off compared to my current salary, I really cannot refuse it. I will find a way. The LVR is 75%
Thanks guys.
aprateek – Your LVR is good; no insurance involved; now the main question which bank??
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
I never knew before that the community here is very strong and helpful. Thanks Guys.
Michael, my lender is NAB.
Buddy you chosen the right lender then.
NAB will not have a problem with your job change over.- but my suggestion is to leave it as it is….if they do a 2nd check then you take the next step to resolve.If the branch staff/loan manager is telling you another-wise…shoot me an email and ill have a chat with them.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Michael- I thought it depended largely on what your occupation is (i.e. whether it is a stable industry with a skills shortage or an industry with an oversupply of workers) or am I wrong???
Cheers,
LukeGuys, I might need to settle early, but there is tenant there, is it common to pay some amount of money to tenant in order for them to move out earlier? If yes, what amount?
luke86 wrote:Michael- I thought it depended largely on what your occupation is (i.e. whether it is a stable industry with a skills shortage or an industry with an oversupply of workers) or am I wrong???Cheers,
LukeLuke- your right to a point…ie if your a Nurse or in an IT related field..you normally “contract” and this will be a problem.
But if it’s full time moving to any PERM full time that’s fine with some banks- ie NAB at a certain LVR.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
To get a tenant out of a house, you would normally pay their removal costs. You may wish to sweaten the deal by paying their rent for the same period of time they woul dhave stayed in your IP (as a last resort). Go speak to them, they may already have found another place and are worried about having to pay 2 x rental to hold their new rental.
im 21, i was 19 when me and my partner bought our first IP
we both lost our jobs 1 week after being told we were going to be successfull owners of a new property
both found new jobs with a few days (temp for 6 months with ability to become perm) and no one said boo..
not to mention we only had $14,000 cash to purchase a house worth over $260,000 haha
fun times.
wow wealthyjvd
that was a really interesting experience. Must be a hard time. But it was 2 years ago, I am wondering how it will be now. Did the bank know that you lost jobs? or they just simply didnt check again
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