Loan with partner on a new job

Discussion in 'Loans & Mortgage Brokers' started by zohair, 4th Apr, 2021.

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  1. zohair

    zohair New Member

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    Hi all!

    I've been employed for a long while and would like to apply for a home lone as an owner occupier.

    My salary alone provides me with a purchase power 10k less the desired loan amount. I'd like to apply with my partner who has just started a job last week. A broke said that we need to wait three months before applying, while another said 6 months.

    Anyone with a similar experience? Is there any bank that you know of that could approve such a loan without the wait?
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Need more info,

    Casual, PT or FT. Is it an LMI application?

    Different banks have different policies.
     
  4. zohair

    zohair New Member

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    Good question. Its gonna be an LVR 85% and the job is 1 year full-time contract
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    If the contract role is similar to previous work, and there hasnt been a long break between jobs sounds like a go, assuming all else works

    ta
    rolf
     
  6. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Most banks require a history of work within the same field if its an LMI deal, as per Rolf mentioned.

    As long as your partner has prior experience with less then 4 weeks gap in between then it shouldn't be a problem.

    Especially when you only need the partner's income for servicing for an extra $10k, it seems like servicing is good.

    Good luck
     
    Last edited: 4th Apr, 2021
  7. Morgs

    Morgs Well-Known Member Business Member

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    Just beware that the word contract can be quite broad. A full time contract that includes annual leave etc is going to be treated differently from a contract that is essentially a day rate.