Mortgage with a new job.

Discussion in 'Loans & Mortgage Brokers' started by Ian87, 8th Jan, 2019.

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  1. Ian87

    Ian87 Well-Known Member

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    Hi all what is the general guidelines for how long you have to have been in a job to get approved for a mortgage. Been in my current job 7 years but thinking of a change of job and entering into a new field. Would be going from self employed to payg if that makes a difference.

    Is 6 months enough? Or do lenders want closer to 12 theee days? LVR would be around 70 if that makes a difference.
     
    Ian87, 8th Jan, 2019
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  2. Shogun

    Shogun Well-Known Member

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    6 months was enough for me.
     
    Shogun, 8th Jan, 2019
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  3. wilso8948

    wilso8948 Well-Known Member

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    CBA allowed under 3 months to refinance for me. Full-time employment in a similar role to previous.
     
    wilso8948, 8th Jan, 2019
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  4. Brady

    Brady Well-Known Member

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    CBA 1 payslip, even done before you have started work with employment contract.
     
    Brady, 8th Jan, 2019
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  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I've done it with a few lenders on a single payslip.

    It helps a lot of you're in a similar role with a consistent employment history.

    If you've got 3 months in the new job, a lot more lenders become available.
     
    Peter_Tersteeg, 8th Jan, 2019
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  6. Phantom

    Phantom Well-Known Member

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    Depends on the lender and type/terms of employment. As mentioned a few lenders will take 1 payslip, some will need to see 1 month of salary credits & some will need a minimum of 3 months in the same job usually for full time PAYG work.
    If it's casual employment, it could have a different requirement. If there is overtime/bonus included, this could also change the minimum time required for that portion of income to be included.
     
    Phantom, 8th Jan, 2019
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  7. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

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    After 6 months moving between full-time jobs in the same industry, you will have access to pretty much every lender.

    One payslip is also possible, but you will have only a few lenders of which to select (you will likely end up paying a higher interest rate).

    At the end of the day, it will come down to what is more important for you, moving quickly or having a broader selection of lenders.
     
    Simon Moore, 8th Jan, 2019
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  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    With such a low LVR - one payslip should be fine. As mentioned above - CBA can be a good option in this space and are quite competitive at the moment.

    Cheers

    Jamie
     
    Jamie Moore, 8th Jan, 2019
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  9. sumterrence

    sumterrence Well-Known Member

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    NAB can take fresh employment as long as you have the employment contract and your previous job was in the same industry or same nature.
     
    sumterrence, 8th Jan, 2019
    #9
  10. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Nab and Cba are both good with short term employment.
     
    Jess Peletier, 10th Jan, 2019
    #10