Partner getting a rise

Discussion in 'Loans & Mortgage Brokers' started by Shawn, 19th Nov, 2019.

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  1. Shawn

    Shawn Well-Known Member

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    Hi all,

    My partner & I are looking to buy a place soon.
    This will be an IP but located where we live (in Sydney) for the mere fact it could be a PPOR in the coming years.

    She recently received a payrise at work from $65K to $85K.

    In the New Year she will be on $105K at a new job (same industry & role)

    Wondering if we will be able to apply for a loan right after she has received the $105K payslip or will we need to wait 6 months?
     
    Shawn, 19th Nov, 2019
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    right after should be ok with many lenders,
     
    Terry_w, 19th Nov, 2019
    #2
  3. Lindsay_W

    Lindsay_W Well-Known Member

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    Pretty much straight away, each lender is different but there are lenders that will allow this yes
     
    Lindsay_W, 19th Nov, 2019
    #3
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    What is the loan to value ratio and is there probation involved in the new role ?

    ta
    rolf
     
    Rolf Latham, 22nd Nov, 2019
    #4
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    She should be able to use the $105k for servicing after receiving one payslip - if probabtion is involved you’ll need to use lenders with are ok with this. CBA and Nab spring to mind.

    If LVR is higher than 90% than the former is better than the latter.

    Cheers

    Jamie
     
    Jamie Moore, 22nd Nov, 2019
    #5
  6. Gockie

    Gockie Life is good ☺️ Premium Member

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    I just wanted to say, awesome payrise. Good on her :)
     
    Gockie, 22nd Nov, 2019
    #6
    Lindsay_W likes this.