Particularly when considering a job change, clients will ask me "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. Part of my expertise is to only recommend lenders who will consider your current employment status, whatever that is.
- 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 some lenders require your probation period to be finished.
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.
- 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 lenders - even their existing lender - are declined for finance because of their employment status.
If you find yourself in a situation where you have changed employment and require a home loan, I have access to lenders who can lend to borrowers who are still in a probationary period with their employer.
As always, call me today and let me do all the homework for you! Remember, my service is free to you (the lender pays my fee).