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New Job

Discussion in 'Property Finance' started by Timocracy, 8th Aug, 2015.

  1. Timocracy

    Timocracy New Member

    Joined:
    2nd Jul, 2015
    Posts:
    1
    Location:
    Earth
    Hi guys,

    Friend asked me for advice just started a new job(100k+ free accom) 3 months ago, will be off probation in about 6 months.

    Has a long savings history(5-10% LVR) and been in the same industry for 8 years. Owns no property and would like to buy a IP ASAP.

    What lender would he have the best chance of getting finance through and how long would he need to be in the new job?
     
  2. jrc

    jrc Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    76
    Location:
    Regional NSW
    i went same industry 20% down with Nab earlier this year for a PPOR and settled a week before I started the new job. St George wasn't interested even though they had a mortgage on an IP we have - 40% LVR until I had startedthe new job
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    It depends on the LVR - if its 80% or under then a lot of lenders will be ok with it.

    NAB is one of the best lenders in this space but you shouldn't have any issues with St George either.

    What was St George's reason for not lending you the money?
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    CBA would probably be fine with it too, however the main hurdle he'll have is the deposit - he'll probably need to keep saving a bit longer once stamp duty and buying costs etc are taken into consideration.
     
  5. jrc

    jrc Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    76
    Location:
    Regional NSW
    They wouldn't consider it until I had started the job although I had a signed contract with the new employer. After I started they would waive probation after I had 2 payslips from the new employer. My issue was. i was moving a long distance and wanted the house to move straight into