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How long do I need to be in my current job before I can apply for a home loan?

Different lenders each have their own criteria for employment, but there are general guidelines to be aware of.

The nature of your work can have a big impact on whether you secure a home loan.

It’s not uncommon, for instance, for home buyers to be knocked back for a loan – even by the bank they’ve always used, just because of their employment status.

This highlights how being an established customer of a bank is no guarantee that you’ll be offered a home loan.

What matters is the length of time you’ve been in your current job – the longer, the better. Here’s what you need to know.

Full-time employment

Most lenders like to see that you’ve been in your current job for at least three months, and at a minimum, completed any probationary period. The bank may contact your boss to confirm your employment status.

Proof of employment that you’ll need to provide includes a minimum of two of your most recent, consecutive pay slips.

Permanent part-time employment

Again, you will need to have been in the job for at least three months, and provide evidence via several of your latest pay slips.

Lenders are likely to run an employment check when you work part-time, to confirm the minimum number of hours you work each week.

Casual employment

Casual employment can make a lender nervous purely because there is less certainty over your income.

Reflecting this, lenders typically want to see that you’ve been with your current employer for a minimum of six months.

It’s likely you’ll need to show pay slips that feature your latest year to date earnings summary. In addition, the lender may get in touch with your employer to check your employment status.

What if you’ve recently changed jobs?

The reality of today’s world of work is that we change jobs a lot more frequently than we used to.

If you have recently switched to a new job it doesn’t mean you have to give up on your home buying plans. But it is important to speak with your Mortgage Choice broker.

With our extensive panel of lenders, you may still be able to secure a home loan even if you haven’t yet cleared the probationary period of your new role.

Posted in: Home loans


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