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.
Hi, thanks for your question.
Lenders will look at your last two years employment to see that you have worked consistently throughout that time. The actual length of the current job does matter to half of the lenders in the market but there are a number of options if you have just started with a new employer. Your broker will ask you about the occupation and the Industry you have worked in to provide the background to the lender
If you would like to meet to discuss your personal situation, please feel free to give me a call on 0435.474498 or visit our website www.mobilelender.com.au
Most lenders will look at your previous employment and if your new job is a similar role to your previous one, and in a similar industry, you shouldn't have too much trouble.
However it can depend on what your new Offer of Employment says. If there is a 3 month (sometimes this can be 6 months) Probation clause in the letter, some Lenders may make you wait. However, you could use this time to save a bit more towards your deposit. And the more you have saved, the less you have to borrow!
I'm not sure if you have approached any lenders yet. If you haven't, please contact me on 0418.547337 or email me on firstname.lastname@example.org. Alternatively search for me through the "Industry experts" tab and click on my business name under "Name of Business" and all my contact details are there. I would be happy to discuss your situation with you and give you a number of lender options to consider rather than just going to your bank.
Bayside Finance Group
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