Need finance for 2nd Property, 2 mnths in new job, Possible?

Viewing 10 posts - 1 through 10 (of 10 total)

sbhjain
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@sbhjain
Join Date: 2005
Post Count: 15
January 17, 2012 - 8:53 am
First post after a long time please be gentle
Me and my wife are looking at purchasing our first investment property in Perth, WA around 500K mark.
I want to know how easy is it to get pre approval for finance if you've only been in your job for 2 months (under probation).
I have been in Sales for past 8 years but only recently joined a new company. I have a 3 month probation period of which ive completed 8 weeks.
My wife has been in her job for more than 2 years and in the same industry for 3 years.
Forum members including finance brokers… please advice.
Also brokers south of the river can contact me via email. Im not sure if its allowed to give it out here so please message me.
Cheers
Saurabh
P.S. My apologies if there is already an existing thread on this topic. I have searched and information comes in bits and pieces.
anandd
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@anandd
Join Date: 2012
Post Count: 58
January 17, 2012 - 9:03 am
Hi Saurabh,
This is certainly possible for a loan equivalent to 80% of the purchase price subject to affordabiliy is proven on bank's internal affordability rates. And affordability is very strong – banks will be happy to support you even for LMI.
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Cheers
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 17, 2012 - 9:13 am
Hi Sbhjain
Firstly welcome back to the forum and i hope you enjoy your time with us.
There are a couple of lenders who will go to 90% lvr even if you are on probation so that is not usually an issue.
Course like any other deal more hard data is required to ascertain the best way forward.
Drop me an email if you want any other information
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
sbhjain
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@sbhjain
Join Date: 2005
Post Count: 15
January 17, 2012 - 10:46 am
Thank you for your replies guys. I will be in touch.
I would love to hear from people who have appplied for finance in probation and the outcome of the application. Were there any hoops that you had to jump through? did you have to wait longer than three months?
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 17, 2012 - 11:07 am
As i say no you dont have to jump thru any hopes.
A couple of lenders take probation as if you were a standard employee.
We do them regularly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
January 17, 2012 - 9:00 pm
As Richard said, 90% on probation is certainly possible and you'll still be able to get a decent product.
Give Richard a buzz – he'll be able to sort it out for you.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
IP Freely
Member
@ip-freely
Join Date: 2008
Post Count: 353
January 17, 2012 - 9:34 pm
what’s probation or o permanent job nowadays. I contract but have never had an issue on full doc no lmi.
sbhjain
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@sbhjain
Join Date: 2005
Post Count: 15
January 20, 2012 - 2:31 pm
Is there an agent in Perth? I want someone i can deal with face to face.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 21, 2012 - 4:43 am
No-one that i know of.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Mezma3
Participant
@mezma3
Join Date: 2011
Post Count: 6
January 22, 2012 - 3:04 am
Hi sbhjain,
I would highly recommend contacting Richard. He is very knowledgable, efficient and very helpful. We used him with our recent purchase of an investment, despite us being based in Melb and Richard being based in Brisbane.
All the best.
Mezma3