Home loan once this is all over

So I'm wondering what happens when this is all over in terms of getting a home loan approval.

Does anyone who works closely with banks know how they might assess home loan approvals for people who lost their job (and income) for a long period of time, but in say 6 months (or however long this takes) have found a new job?

Surely on grounds of compassion they would have to ignore what's happened during this period and strike it from the record? Basically pick up the assessment from the period before Covid-19?

 

I would not be surprised if the lending landscape sees some big changes after all this dies down , especially for investor loans if many get into serious financial trouble.
Take for example short term rentals and how the market reacts if many of these end up back on the traditional long term market, rents may even go backwards for a couple of years.
According to an article today Bondi alone has over 1100 airbnb rentals.

Airbnb properties are flooding back onto the rental market across Australia, as short-term visitors dry up due to coronavirus travel restrictions

 

Banks do not lend money on compassionate grounds. Even now the big 4 are only giving repayment holidays from 3-6 months max and those repayments are not forgiven (wiped off), they are added to the loan + interest.

someone tell him "he's dreamin...." No, this is not going to happen. It is not responsible lending to the borrower or to the banks' shareholders.

 

Same rules as before I would think. But there may be some concessions where a person has lost their job and then found a new one. They may disregard the period unemployed as long as in the same industry.

 

Terry you're the only one who seems to understand the question being asked. I think you understand my position, was all set to buy before covid-19, now made jobless until things are sorted. I'll then get work (once the industry returns) and start looking to buy again. The period inbetween has been due to a worldwide event that's out of everyone's control, so this if why I'm seeing if a concession will be in place during the assessment process, due to these unprecedented events. With possibly 2 Million+ in the same position, it's hard to imagine banks not working around it somehow when people start working again.

If you have any relationships with bank managers I'd appreciate seeing what they thought on the topic if you ever have the chance.

 

There are no changes in lender policies regarding this as of yet. They probably haven't thought this far ahead.

 

Thanks Rolf & Terry, lets hope they start planning ahead as it's a good enough time as any. It seems advantageous that they would do so as afterwards all those with new jobs who are in a position to buy would certainly go with the lenders that were willing to work with them and approve loans. I'm sure this is going to have to come up in parliament at some point as first home buyers won't stand for having a mark against their name due to such an unimaginable circumstance that's been completely out of anyones control.