Before 6 months employment... what can be an option

Discussion in 'Loans & Mortgage Brokers' started by Redrum, 28th Feb, 2021.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    Hi all.

    I'm in trouble now.

    My employment history has a gap year (due to baby birth) and serviceability is pretty tight.
    (at the moment around 4 months employment)
    My broker contacted a few online lenders and got back to me they (Regimac, Liberty) need 6 months employment. She's waiting to hear back from AFG. (Serviceability is ok with these lenders)

    but I'm very frustrated and would like to hear if I can have some wisdom from the forum.

    Anybody know if AFG wants 6 months employment?
    If so, is there any option left for me?

    My broker has given me some wrong instruction, so I don't have much faith on her....
     
    Redrum, 28th Feb, 2021
    #1
  2. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    Not casual, full time FYI
     
    Redrum, 28th Feb, 2021
    #2
  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
    Posts:
    1,577
    Location:
    Bella Vista
    Few months ago you wouldve gotten lucky with 3 months casual employment, however they all need 6 months minimum now.

    May I ask is it below or above 80%?
     
    Tony Xia, 28th Feb, 2021
    #3
    Redrum likes this.
  4. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,348
    Location:
    Australia
    Do you actually have a signed contract you are trying to get finance for?
     
    Trainee, 28th Feb, 2021
    #4
    Redrum likes this.
  5. Morgs

    Morgs Well-Known Member Business Member

    Joined:
    7th Dec, 2017
    Posts:
    1,815
    Location:
    Sydney NSW
    Full time PAYG income in role for 4 months should be pretty straightforward - why are you looking at lenders like Liberty?
     
    Morgs, 28th Feb, 2021
    #5
    Redrum and Terry_w like this.
  6. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,255
    Location:
    Sydney or NSW or Australia
    That's what I would have thought too. Unless there was some bad credit, high LVR or already maxed out, it shouldn't be too hard.
     
    Scott No Mates, 28th Feb, 2021
    #6
    Redrum likes this.
  7. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    It’s below 80%. Things are so tough now!
     
    Redrum, 28th Feb, 2021
    #7
  8. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    No not yet, but I sent EOI and accepted... so much time and effort has been spent!
     
    Redrum, 28th Feb, 2021
    #8
  9. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    I’m after investment property and the broker said Liverty(ish lenders) allows me more funding than big banks.
     
    Redrum, 28th Feb, 2021
    #9
  10. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    Maybe it’s because I’m close to maxed out (with big banks).. other conditions are all fine.
     
    Redrum, 28th Feb, 2021
    #10
  11. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    That’s my question as well. I have a gap but am working in similar position.
     
    Redrum, 28th Feb, 2021
    #11
  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,654
    Location:
    Gold Coast (Australia Wide)
    Most lenders will look beyond the gap if its a year off for a kidlet,

    Is it a full time role, similar to what you have doing before with 3 mths probation - ie probation is served ?

    ta
    rolf
     
    Rolf Latham, 28th Feb, 2021
    #12
    Redrum likes this.
  13. Redrum

    Redrum Member

    Joined:
    21st Jan, 2021
    Posts:
    19
    Location:
    Perth
    That's what I'm thinking... it's full time role, no probation. She said Regimac can give me pre-approval but they said it doesn't guarantee the formal approval, as they don't fully assess pre-approvals. (Of course I can provide additional payslips, previous job record etc if required.) she said pre-approval doesn't mean I can get the formal approval even though there's no changes in my circumstances.
    Sounds quite strange and I'm doubting if my broker is understanding what's going on...
    That's one of the reason I'm posting... :(
     
    Redrum, 28th Feb, 2021
    #13