How Long Do I Have Do Be In A Job Before Getting A Mortgage?
✅These are rule of thumb guidelines.
✅Being a long term bank customer is no reason why you can't be knocked back for a loan.
✅There are "niche" lenders that will have special criteria - so don't despair.
✅Best to see a mortgage broker before taking on a home loan.
Tell us your scenario
Full Time Employment
✅A general rule of thumb is that most lenders like to see you in your current job for at least 3 months.
✅You will need two of your most recent pay slips to prove your employment status.
Permanent Part-Time Employment
✅You will need to have been in the job for at least 3 months.
✅You will need two of your most recent payslips.
✅Lenders will most likely run an employment check to confirm the minimum hours each week.
Casual Employment
✅This may depend on your industry and occupation as there is less certainty over your income.
✅Teacher, paramedics usually have an easier time with a casual income due to the certainty of their employer.
✅Lenders typically want you to be in your current role for 6 months.
✅You will need your most recent year to date yearly income summary.
✅The lender may contact your employer to confirm your regular hours.
What if I've had a few different jobs and changed recently?
✅This doesn't help as lenders are trying to understand the reliability of your income.
✅There is still hope. There are many factors that will be taken into consideration:
Pay structure and income
✅Did your income stay relatively the same when you changed jobs?
✅Did your pay structure change? Did you go from salaried to an hourly rate?
✅Did you take a lower base with a commission structure?
Expenses
✅Lenders will ask for statements to make sure you aren't understating your expenses.
Debts
✅Do you have HECS, ATO debt, personal loans, child support, credit cards etc? This will all take away from your borrowing power.
✅Your credit score will be checked to assess consistency and repayment history.
Experience in current role
✅Did you change industries or move to the same role within a different company?
✅How long have you been in your field?
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