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About Me

Jay Singh

Finance Broker
Jay Ahluwalia
Castle Hill, New South Wales

My Activity

Q: Re mortgage/lending criteria - specifically job stability.

Hubby & I have almost reached our deposit goal, but in the mean time a job opportunity has come up for me. I've worked for my current employer for 18 months - will moving on so soon count against me when we apply for a mortgage?

My previous work history is stable (6yrs for last employer, 7yrs for the one before that) & potential new job will bring only a small salary increase.

A: A short time in current employment is always a concern, but if it can be explained, it should have minimal impact on your application.

Things to consider are:
- at the time of application, you shouldn’t be in a probation period. Especially if your time with last employer is under 2 years
- there should be clear and reasonable explanation of why you changed.
- your qualifications and overall time in a similar role or industry
- tax returns showing income over the past couple of years

These will all help to strengthen your application. Of course this is general info, your specific situation and the bank/lender you apply to can change everything.

Let me know if you need more info or if can help.

All the best
Credit Advisor