Resigning from work after pre-approval is granted!!! Help!

Thanks for all the responses everyone… I am starting to get the impression based on all of these comments that what I am thinking about doing is a BAD idea!! haha.

The reason I am so desparate to buy is because I know I won't be back in full time work for at least another 1.5 years. I figured if I could get a load approved before I left work and secure another positively geared property I could build more wealth over that time.

So, I have decided to pursue another idea. I currently own an investment property with a friend in equal shares. He would like to buy his own property elsewhere but does not have the deposit to do so. He would like to sell his half to me, effectively removing himself from the loan making me the individual loan holder. We currently have two separate loans against this property both in joint names which allows us to pay into each separately, making it easier to manage. For example the if the loan against the property was $100,000 we have two separate loans of $50,000 each in joint names (Loan 1: John & Steve $50,000, Loan 2: John & Steve $50,000).

To get to my question, if my friend wished to remove himself from the loan leaving me as the sole loan holder would they banks need to assess me again, or is the original assessment sufficient? I wonder this because effectively I was assessed at the time as being able to service the entire loan, we both were. The benefit of me doing this is that the property would be 100% mine and my friend will have the deposit to buy a property elsewhere. Is transferring a loan from joint to individual an easy and cheap process?

I hope this makes sense, if someone can help me I would be very greatful.