It is to most people’s understanding that getting a loan or a mortgage has a common requirement, and that’s for the borrower to be employed for a long time. This is because it proves that the borrower has a stable source of income. Unfortunately, this has been quite a dilemma for the current generation, where many workers hop from job to job, seeking better working conditions and compensations.
If you’re in the same situation, what can you do to get a higher chance of qualifying for a mortgage? What are the decisions that will affect your ability to apply for a loan? Let’s find out.
When you head out to apply for a home loan, there are a few things a lender will take into account to determine your eligibility:
A lender’s job is to determine how likely you are to default on the repayment or, in other words, how able are you to pay back everything. Even if you feel like you can pay back what you borrowed because you love your job or you’re getting a lot of pay, anything can happen.
You might suddenly lose your job, or you might find the job to be boring once more. These are the reasons lenders have requirements, and why one of the requirements is that the borrower must be in the same job for at least a year.
If you’re in the middle of changing jobs, most lenders will not approve your mortgage. However, there are a few lenders out there that will offer a loan to you despite your situation. Yet, they still have some assessment to make. If they find that you did well in your previous job and conclude that you’re only changing jobs for better compensation or working environment, they’ll most likely approve the loan. In addition, if your new role is in the same industry as your previous, and you have a long work history, this also works in your favor.
If, on the other hand, you were fired from your previous job, your chances of getting the loan approved diminish. However, if the new job is enough to support your life while taking care of the repayments, they may still consider approving the loan.
If you’ve already transitioned to a new job, lenders will consider other aspects. If you look promising to them, they’ll most likely approve of your home loan. They’ll check your industry and determine why you’re changing. They’ll also assess your financial strength and experience in the line of work.
Another factor that plays a massive role in your ability to secure your loan your current standing. For example, if you’re a professional with multiple sources of income, high credit score, little to no liabilities, and so on, you up to your chances of a loan. Of course, if you have none of these, you might still be able to get the credit, albeit with a lower success rate.
In conclusion, despite changing jobs frequently, you still have a chance at landing a mortgage. We have lenders who accept 1-day employment for those who have just started a new role.
If you are looking for mortgage brokers in Australia to help you get a mortgage, get in touch with us today! We’re happy to help. We’ll assess your current financial position and lifestyle and match you with the best lender to get your home loan approved from the get-go!
Contact us on 02 8530 1107 or Submit your scenario online
We meet for a consultation, obtain your supporting documents and proceed to structure and package your application for approval knowing exactly what the banks want to see. We also monitor your home loan post approval ensuring you’re home loan suits you and your financial position
We get paid a commission from our lenders as a result of introducing your business to them. Subsequently, our service is at no cost to you. Our commission does not affect your interest rate whatsoever, if anything, we’re in a position to get you a lower interest rate than the general public due to our relationships with our banks
With our many years experience in the industry, we’ve been exposed to both easy and complex loan scenarios. Each loan we process gets presented to over sixty financial institutions, ensuring we have explored all options possible and are able to provide a solution
Whether you’re a first home buyer looking at entering the market or an existing home owner looking at ways to save money on your home loan, we have you covered. We’ve put hundreds of hours of research into these guides to ensure you end up ahead, and it’s completely on the house.
When you have a mortgage that you have to pay off, you also have two ways of dealing with it.
The most common and simple one is, obviously, paying it off as soon as you can and never have to deal with it again. It goes without saying why most people out there that have taken a home loan prefer paying off their mortgage on time or even quicker.
The odds are that you’ve stumbled across the term lender’s mortgage insurance and you’re wondering what it stands for. Well, you’ve come to the right place. This article will clarify this term, so that you can understand what it is, the concept behind it and the approximate costs. Let’s get started!
Before buying or selling a house, you have to know the value it has on the current market. Naturally, you could value your property yourself – but you may take more things into account when doing so, such as emotional value. Thus, you can come up with a higher value.
Buying a home or a property may imply a deposit. You may come across home loans that require no deposit at all, but their approval criteria are known to be tough.
Therefore, you are left with only one thing to do – namely, to save a deposit so that you will be able to purchase a home or a property.
When you decide to purchase property in Australia – whether you are a foreigner or an Australian – you must be aware of the fact that there are a few aspects you should consider. After all, if purchasing property was an easy thing to do, we’d all do it and never look back.
When you’re applying for a home loan, your lender might want to know how you plan to exit it. After all, it is a lender’s job to make you understand that you do have to plan your loan repayments and so on.
In this respect, you will need to come up with a proper mortgage exit strategy. You have to make sure that the financial path that you choose will be able to make you exit your mortgage on time and avoid missing any payments.
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
What you need to know before you purchase your first property and how to fast track it. We have designed this guide to get you up to date with everything you need to know about being a first home buyer. Whether you have a short term goal of purchasing your first property or are thinking about it sometime later down the track, this guide will cover important essential aspects of this exciting journey.
What the banks won’t tell you and how to save serious money on your home loan. By Investing 10 minutes of your time to read through our guide, not only will you learn the tips and tricks the banks won’t always tell you to assist you with paying off your home loan sooner, but also gain an insight into some techniques that will allow you to minimise the interest you pay to the bank.
The best way to take control of your finances is to use a budget planner. This is a simple tool that helps you understand the money going in and out of your household. With our Highline Lending Budget Planner, we’ve got you covered. This handy tool allows you to log and track your goals, track your savings, track your debt and expenses and keep a monthly record for an end of year evaluation.
