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.
     
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  2. Shogun

    Shogun Well-Known Member

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    6 months was enough for me.
     
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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.
     
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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.
     
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  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist 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.
     
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  6. Phantom

    Phantom Well-Known Member Premium 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.
     
  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.
     
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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
     
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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.
     
  10. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Nab and Cba are both good with short term employment.