How long do I need to be working before I can get a loan?

August 05, 2014
Candice Le Marchant

Mortgage Choice broker servicing the NSW Hunter Valley region, Lauren Murphy, discusses guidelines for employment when applying for a home loan.'

I regularly receive enquiries regarding lender's policies surrounding employment, and prospective borrowers ask "How long do I need to be in my current job before I can apply for a home loan?”

Criteria does differ across lenders but here are some general guidelines across the panel of Mortgage Choice lenders.

Full-time employment

  • Minimum employment period 3 months and or completed probationary period.
  • Minimum evidence of employment - latest payslip (in many cases 2 consecutive payslips)
  • Employment check conducted by lender to confirm employment status.
  • Please note that most lenders require your probation period to be finished. However the benefit of working with a qualified and experienced Mortgage Broker is that the broker will only recommend lenders who will consider your employment status. 

Permanent/Part Time Employment

  • Minimum employment period 3 months and or completed probation period
  • Need to provide latest payslip
  • Employment check conducted to confirm minimum hours per week.

Casual Employment

  • Minimum employment period 6 months
  • Minimum evidence of employment latest payslip with year to date summary.
  • Employment check conducted

Borrowers can often be surprised when they approach their existing lender or a lender they have had a banking relationship with and are declined for finance because of their employment status. Just because you are an existing client does not mean you will automatically be approved for another loan.

If you find yourself in a situation where you have changed employment and require a home loan, Mortgage Choice does have access to lenders who can lend to borrowers who are still in a probationary period with their employer. 

Call us today and let us do all the homework for you!

It is as easy as contacting Lauren Murphy on 0408 480 562 or email at  Call in and see us at 2/199 Adelaide Street, Raymond Terrace. We service the entire Hunter Valley – and can meet with you at a time and place that suits you.      






Posted in: Home loans

Contact us today.

Additional Comments? * :