New loan while transitioning into new job

Hi all, appreciate your advice on the following:

Would banks borrow if I'm going into a new job? Assuming I use my recent payslips of my previous company while serving notice to apply for a pre-approval.

Should there be any concern later on with having a pre-approval withdrawned/not honoured by the bank due to the uncertainty of the new job i.e. probation period?

 

Best bet would be to apply once in the new role - which can be completed with a number of lenders at first day in the role.

Lenders have the right to withdraw any offer prior to settlement, changes in circumstances is a big one which would require re-assessment. Do it once, do it right and wait out the time to start your new role to avoid any potential headaches from pushing the process out a few weeks.

 

Thanks Corey, does this mean lenders are not overly concerned if I'm still in the 6 month probation period in the new role?

 

Some lenders don't mind probation.

Same industry/same role helps a lot.

Agree with Corey - wait until you've started your new gig. Some lenders just need the first payslip.

Cheers

Jamie

 

Correct - there has been a change in the mood of some lenders that they're happy to look at borrowers who are on probation. Don't assume all do however, there's still a few which require you to be in your role for 12 months!

If you've got the new job lined up, have a chat with an investment focused broker who can lay out a strategy in advance so you can hit the ground running once you're in the new job.

 

Thanks for the advice, it's good to know some banks are more lenient that the others. Will get in touch when the time is right!

 

I think CBA does that

 

NAB do accept the employment contract as verification of income in some cases. They could be a good bet, but its worth running those scenarios with the BDM first.

This is typically useful for clients moving interstate with a new job in a few months and looking to purchase beforehand and move straight into their new home. NAB have done a handful of these for me without needing a payslip.

It'll likely need to be in the same industry and typically 'make sense'. E.g. have had it work for graduates moving cities into a new role.

Can open up lender pool by simply waiting for one payslip. Then you go from one lender to quite a few.

 

Hi guys,

I have also got a job offer. But in my case it is one parent government agency controls diffetent parts of nsw. So i am moving from one branch to another which means different boss, different pay etc. But my leave and other extra things will get transfer with me.

I would like to get a loan to purchase another property. But i have my doubts thats why publishing here before I go to bank

I already have loan for my ppor and My wife also has couple of ip loans.

Me and my wife bought together IP in july.

I am just wondering Eventhough my salary is going to be bit more than what I am currently earning, will i be able to get another loan or should I build some more savigs snd try next year?

Thanks

 

Your employment shouldn't be an issue.

 

Your employment would details would need to be updated which could impact your scoring, but you shouldn't have too much troubles.

Long as scoring wasn't impacted which it really shouldn't from this change you would be alright with CBA.

No restriction on probation.

 

Cheers thanks Brady.