Many clients ask us: "I just started a new job, How long do I need to wait before I can apply for a home loan?"
Answer is simply NO, Most people think they need to be in their new job for a certain period before they can get approved for a mortgage, but that’s not necessarily the case!
Yes, many banks require you to be in your current position for at least 3 to 6 months. For casual or contractor jobs, they may even require up to 12 months before allowing you to borrow up to 80% of the property’s value.
But are there exceptions?
The answer is : Absolutely! Some lenders understand career mobility, especially for younger, skilled professionals, and they don’t mind if you’ve just started a new job.
01.
Can I Get a Loan Right After Starting a New Job?
Among the lenders we work with, some can give you a pre-approval as soon as you receive your employment contract, and they can even approve a loan after just one day in your new role. As long as your financial situation is stable, getting approved for a loan shouldn’t be a problem. However, if you’re in a casual or contractor position, it’s best to consult an experienced broker for a tailored solution.
02.
Can I Get a Loan While on Probation?
If you’ve just started a new job and the bank tells you to wait until your probation period is over, don’t worry! Not all banks have this requirement. Even if you’re still in your probationary period, as long as you meet other criteria, such as having a good credit history, we can help you apply for up to 95% of the property value.
It’s important to note that if you’re borrowing more than 90% of the property value, the lender may ask for more supporting documents or conduct additional checks. We recommend only applying for a loan during probation if you’re confident in your job’s stability. If there’s any risk of your employer ending your employment during the probation period, it might not be wise to apply.
03.
What Happens if I’m Changing Jobs?
If you’re switching jobs for better pay or work conditions, many banks will still consider your loan application. The key factor is your employment history. If your job history is stable, we can help you find the best loan option and ensure the transition between jobs doesn’t disrupt your loan application process.
04.
When Is It Harder to Get a Loan?
If you’re changing industries entirely, such as moving from being a police officer to a bank teller, lenders might be more cautious. They may view this as a risk due to the change in your career path. However, this doesn’t mean it’s impossible to get a loan. You may just need stronger financial backing.
Changing jobs doesn’t mean your home loan dreams are out of reach. With the right timing and an experienced broker, you can even get your loan approved before you start your new job! If you have any questions or want to learn more, feel free to reach out to us for personalized advice.
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Click the Free Assessment button below, and let us help you find the best loan option for your situation. Our team is here to assist you every step of the way !