New job

Good morning all,

In the short term, would it be detrimental to move to a new position with a new employer for a significantly higher salary.

Here are the circumstances:
Current position: solicitor
New position: solicitor
Time with current employer: 5 years
Salary with current employer: <70,000
Salary with new employer: >105000
Proposed commencement: next week
Loan needed: immediately

Many thanks!

Joseph

 

Detrimental to what?

 

If the employment is permanent full time, there are lenders that would do the loan even with one payslip from the new employment. Be upfront and honest with the broker or lender you engage and they should be able to sort out this for you.

 

Detrimental to loan application if I was to apply having started a week in new employment.

 

Depends on LVR%, etc - most lenders will have an issue but some will be OK

 

Hi Joseph - just tell your broker all of the details and they should be able to find a solution between the various lender credit policies.

 

If same industry and type of employment (eg. full time) then you should be fine, not a problem, probably helps your application more than anything.
Why is the loan needed immediately? Assuming purchase contact has been signed?

 

This doesn't hurt unless you want to utilise your higher income prior to beginning. If so, NAB are decent here, may be able to get it through with your employment agreement (subject to credit review).

 

Hi J.M Encouraging replies from M.B's here. Also I can add that solicitors are by & large treated quite favourably by lenders & to paraphrase Terry w on here - "anyone can sue anyone else for anything" Even if it's not a litigation matter there is still lots of work re property, estates etc which need solicitors so UR seen as having a safe borrowing profile. Hope it goes well for you

 

Not a problem at all, assuming it's a FT role. Better if it's not an LMI deal