Westpac's view of short time in new job

Discussion in 'Loans & Mortgage Brokers' started by Carol M, 23rd Apr, 2020.

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  1. Carol M

    Carol M Well-Known Member

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    Hi, daughter and partner are hoping to buy a new dream home. Problem is, although partner has worked a long time in a good industry (IT), he has just started a new job with a council for more money - about 6 weeks now. She is a teacher so has solid income. Serviceability wise they are fine, and hoped to go with Westpac as they want to use equity from a property secured there. But we are wondering now if Westpac will even consider customers with a short time in job? Daughter is customer, partner is not, but were going to be co-borrowers.
    Thanks.
     
  2. Archaon

    Archaon Well-Known Member

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    Talk to a good broker, you can still access equity with Westpac without Cross-collatoralising (really bad idea)
     
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  3. Carol M

    Carol M Well-Known Member

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    "Talk to a Broker" is not why I posted a simple question here. As there are good brokers and savvy investors on here I hoped they could answer this simple question. Not considering cross collateralising either, but it is not the end of the world if one does do it, depends on benefits vs risk.
     
  4. Trainee

    Trainee Well-Known Member

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    Because it may be that the question is more complicated than you think, such as another lender might be better for them.
     
  5. Terry_w

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

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    Depends on the circumstances. If the same sort of work it might be fine if the LVR is under 80%
     
  6. Lindsay_W

    Lindsay_W Well-Known Member

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    Westpac are struggling at the moment - they're taking between 18- 26 business days to pick up a application.
    Also should note, just because they want to use equity from an existing Westpac security does not mean they need to go with Westpac for the new purchase.
    Plenty of other lenders have no issue with short term employment when it's same industry and no gap between jobs.
     
  7. Redom

    Redom Mortgage Broker Business Member

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    Generally Westpac not so good with new employment compared to other lenders in the marketplace (CBA & NAB are typically better here). Probation is generally an issue.

    They're not taking that long to approve loans I don't think. Usually they come back within a few business days like most others, but are struggling on getting docs done for refinances (not purchases).
     
  8. Lindsay_W

    Lindsay_W Well-Known Member

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    No they don't, looking at the current SLA, it's at best, 5 business days for Platinum, 17 Business days for A+, 26 business days for standard... It's readily available info.
    They can't even make a simple progress payment for a construction loan in 5 business days, they've blown out to over 20!
     
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  9. hieund85

    hieund85 Well-Known Member

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    New policies from Westpac

    Westpac tightens lending for professionals – except doctors

    Few key points:

    LMI waiver is now only applied to medicos. But LVR is reduced from 90 to 85.

    PAYG (Pay As You Go) and casual employees will now require payslips no older than 14 days, where the salary credit is greater than or equal to the payslip net payment.

    There will also be closer checks to verify payslips, such as requiring an explanation if the employer is different.

    Self-employed customers will be asked to provide Business Activity Statements (BAS) no older than the last quarter.
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    You will find out n approx 2mths

    Thats how long our most recent formal took for an existing client for a granny

    Vanilla gold seal deal

    ta
    rolf