Recent job change
Recent job change
Unfortunately, most home loan lenders will not lend money to people who have been employed for a short period of time
Generally 3 months is a minimum period of current employment and completed any probationary period
It does matter the length of time you have been in your current job, the longer the better
What home loan lenders are looking for, is a regular, stable and dependable income
Casual employees typically are required to have been with their current employer for a minimum of six months.
If less than 6 months casual employment, there are a couple of lenders available, as long as certain employment criteria is meet.
Most lenders will not approve a loan while your in the process of transitioning to your new job
What do lenders consider
When assessing whether you qualify for a home loan lenders consider:
- How long have you been in your current job
- How long have you been in your industry or field of work
- Are you staying in the same industry
- How stable is your industry for employment
- How often do you change jobs
- What type of pay struture are your employment terms
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