All Topics / Finance / Changing jobs in same industry, how will this affect my ability to get a loan?

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  • Profile photo of Matt39Matt39
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    Profile photo of wilko1wilko1
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    Wouldn't have any problems at all provided you have had the necessary payslips from your new job. 

    Or one payslip and a letter from employer with your salary. Or a contract with your yearly salary. 

    Profile photo of TheFinanceShopTheFinanceShop
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    What's the LVR and are there 2 applicants or just yourself?

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    Profile photo of Jamie MooreJamie Moore
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    Duplicate thread – already responded in other thread.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Matt39Matt39
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    Jamie M wrote:
    Duplicate thread – already responded in other thread.

    Cheers

    Jamie

    Yeah mate just a bit of a technical area on my part haha

    The LVR would be around 95%, just myself as the applicant

    Profile photo of TheFinanceShopTheFinanceShop
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    This would not score well particularly when there is only one applicant. I would avoid a lender that does auto credit scoring. Go with a lender that will not credit score. Plenty out there. Also you need to ensure that the overall application is strong.

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    Profile photo of Jamie MooreJamie Moore
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    Matt39 wrote:
    Jamie M wrote:
    Duplicate thread – already responded in other thread.

    Cheers

    Jamie

    Yeah mate just a bit of a technical area on my part haha

    The LVR would be around 95%, just myself as the applicant

    90% would be better – but 95% is still possible if everything else on the application is strong – such as servicing and minimal debt.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Matt39Matt39
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    TheFinanceShop wrote:
    This would not score well particularly when there is only one applicant. I would avoid a lender that does auto credit scoring. Go with a lender that will not credit score. Plenty out there. Also you need to ensure that the overall application is strong.

    Which are lenders that don't credit score? And do they charge additional interest? I have a credit card with a limit of 2500 that is paid regularly and took out a personal loan of $22k about 3 months ago

    Profile photo of Jamie MooreJamie Moore
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    Off the top of the noggin – suncorp and amp don't. Not sure if I'd approach the latter with a 95% deal though.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of TheFinanceShopTheFinanceShop
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    Matt39 wrote:
    TheFinanceShop wrote:
    This would not score well particularly when there is only one applicant. I would avoid a lender that does auto credit scoring. Go with a lender that will not credit score. Plenty out there. Also you need to ensure that the overall application is strong.

    Which are lenders that don't credit score? And do they charge additional interest? I have a credit card with a limit of 2500 that is paid regularly and took out a personal loan of $22k about 3 months ago

    Plenty lenders don't credit score like Macquarie (but they only go to 90%), Suncorp and ME Bank but there are other factors to consider. The credit card is fine but the personal loan will not "score" well even with lenders that don't credit score because its unsecured lending.  And no the lender's that don't credit score do not charge additional interest. 

    Just remember that at 95% lend – do not submit the loan unless you are confident of an approval. Another hit on your credit file will just make things a lot more difficult. 

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    Profile photo of Matt39Matt39
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    Thanks for the advice guys ill take that into consideration in the future. So the credit card isn't too bad? What if I were to take out two cards with $15k-$20k limits each, one with interest free period (45-60 days) and 0% balance transfer (3-5 months) to fund a renovation?

    Profile photo of TheFinanceShopTheFinanceShop
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    Its not that its credit card or a personal loan – the issue is that its unsecured lending and its a high amount. So 2 x cc's at $20k a pop is going to score badly. Even the lenders that don't credit score will have issues with such high unsecured debts. 

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    Profile photo of Jamie MooreJamie Moore
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    It depends Matt – if they were taken out before you applied for the mortgage then it would have a big impact. If it were done after settlement – then it won't matter unless you're wanting to take out another home loan soon after. 

    Whatever you do – don't over stretch yourself.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Matt39Matt39
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    Thanks for the advice guys it has been helpful. If I can manage to buy a property soon I will get the credit cards while I am on a higher wage then I have the option of using them on a lower income. Once the renovations are done and I pay off the cards I'll get rid of them.

    Profile photo of Richard TaylorRichard Taylor
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    Depending on a couple of factors you might even find the odd lender who will pay out your personal loan and provide funds for renovation. Did one very similarly for a forum member last week.

    Cheers

    Yours in Finance

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