This case study is based on real clients who had issues getting their loan approved due to starting a new job. For the purposes of this article we’ll call them Fred & Wilma.
The names & certain details have been changed in the interest of privacy for the borrowers. The key facts and how we were able to solve their problem remain the same.
Fred & Wilma had decided to move their family interstate. As part of the move Fred had already been offered a job. They also wanted to avoid the hassle of moving twice so did not want to rent short term.
Some lenders need you to have been in your job for at least 3 months before approving your loan. Not all lenders apply such strict policy. Many will take a common sense approach.
In this instance Fred had worked for the company before doing casual work. They knew the quality of his work. That they were comfortable in offering him a full time job added strength to the application.
This isn’t always necessary. Industry experience definitely helps when you’ve just started a new job. If he had worked in the industry before it still would have been acceptable to many lenders.
To get their home loan approved Fred & Wilma had to wait until Fred had received his first payslip. This was not an issue for them and they were happy to spend a short bit of time apart before moving the whole family.
We were able to speed up the process by having all the paperwork ready prior to receiving the payslip. We also had the property valued in advance which further reduced the time to settlement.
Fred & Wilma were able to move into their home shortly after Fred started his new job. They avoided the hassle of moving twice and secured a nice family home.
If you are starting a new job and looking for a home loan we can help. Please contact us about our obligation free mortgage broker service.