Borrowing with AFM - Urgent Advice Needed

So my wife and I are borrowing to build on new land, which has titled and our settlement date is this Monday.

I am in a position where my employer wants me gone within the next 6 weeks. I breached my contract and we have verbally agreed that within 6 weeks I need to leave. I am aftraid that if we don’t have the slab down, that AFM will tear up our loan if they see a payslip from a different employer.

My financial broker said if it was him, he would wait until the slab is down before doing anything but I don’t have a choice, as the builder may not start building until 2-3 months after settlement.

Because we are high LVI and have lenders mortgage insurance, I am worried that this change in employment will destroy everything.

I am really stresssd about this and would love some advice.

 

Once it settles you'll be fine - they won't ask for new payslips after this point.

 

As long as you meet your contractual agreement, that is make your payments on time, you will be sweet.

 

Thanks for the replies.

I know that it’s probably okay but since I think the worst of everything I am really panicking.

Have you had any dealings with AFM in the past?

 

so you settle the land on Monday.

BUT is the construction loan also formally approved or just pre approved. Possible tricky situation here if AFM (or the funder behind them) doesn't allow probation

 

We have formal approval for the entire funding of both the land and the build. The land settlement is monday, and then drawdowns for build will happen soon after... i am paraphrasing my mortgage broker here but to my knowledge that's what is happening. According to him, the slab going down represents the point of no return for the bank in terms of any employment change causing any risk.

To answer your question, the formal approval is for the whole amount to pay for both.

 

Thanks. I think my broker is being cautious as he said this happened to one of his clients in the past. Not with AFM, but comm bank did a check and weren’t happy they had changed employers l and they lost the loan.

Along the same lines, if I wanted to get a phone on a plan etc which would cause a credit enquiry, would that damage anything after the settlement?
Also, Adelaide Bank is the funding party.