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
    Member
    @matt39
    Join Date: 2012
    Post Count: 42

    I am looking at changing jobs as we are downsizing.

    I currently earn $90k a year and am looking at a job that will earn most likely more with better conditions (fly in fly out)

    This means I can move home (Brisbane) and invest in markets in that area. 

    Wondering if I did take a job like this how it affects me getting a loan? I have been at the same job for over 18 months and can loan just under $600k possibly so wondering if there is a wait on getting a loan once changing jobs?

    The other option is to move back to brisbane and work locally where I may earn around $60k a year, $70k if I am lucky.

    In this case if my rents are making my investments neutral or pos geared will it be hard for me to borrow more supposing I had deposits saved? Just a bit worried about how this will effect me to move forward with my investments (maxing out borrowing power)

    Any input is appreciated, thank you

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Matt

    A change of job in the same industry is ok. If LMI is required, it helps to have been working in the same field for a couple of years. 

    I can't comment too much on your borrowing capacity without knowing the specifics of your situation.

    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]

    Profile photo of Matt39Matt39
    Member
    @matt39
    Join Date: 2012
    Post Count: 42

    Thanks Jamie, yeah I would be borrowing with 5% deposit. I have been in the same field for over 2 years with a 5 month break and another 18 months really. 

    What are the specifics you would need to know? It is a very hypothetical equation I know.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Matt

    would need to assess your income/liability situation, tolerance to risk, future goals – the list goes on.

    From an employment perspective though, if you've been in the same field for a couple of years than should be ok on that front. If there's a probationary period with the new job – it's still possible but options are limited.

    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]

    Profile photo of Matt39Matt39
    Member
    @matt39
    Join Date: 2012
    Post Count: 42

    Thats understandable Jamie, thanks for the insight. Just trying to find out as much as I can about my options so I don't make a dud move!

Viewing 5 posts - 1 through 5 (of 5 total)

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