Getting a Mortgage With a New Job

In the Australian mortgage market, the majority of lenders prefer borrowers who have been employed for a long period, as it shows they have a reliable, and stable, source of income. But that will not work for all borrowers as job hopping is becoming more and more common, particularly among the young, empowered Gen Y workers – also known as millennials – on the lookout for job satisfaction and career advancement.

00:00 Getting a Mortgage With a New Job
00:40 1. How Long Do I Need To Be In A Job Get A Mortgage?
01:29 2. What If I Am Currently Working But About To Move To A New Job?
02:28 3. Which Lenders Can Help?
02:56 4. Why Are Lenders So Conservative Around This?

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Hunter Galloway: Mortgage Broker Brisbane
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Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.

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With job hopping becoming more of an established trend than in decades past, it is crucial to understand how your career decisions might affect your ability to qualify for a mortgage, as well as what you can do to enhance your success rate.

How will a new job affect your ability to get a mortgage?
When assessing your eligibility for a home loan, lenders will take the following into consideration:

How long have you been in your new job?
How often do you change jobs?
How long have you been in your current field or industry?
Are you staying in the same industry or moving to a completely new industry?
What is the likelihood of borrowers in your industry defaulting on repayments?
What are your employment terms? (full-time, part-time, casual)
Are there lenders who consider borrowers with a new job?
The good news is that not all lenders require borrowers to be more than a year in a job. In fact, many lenders understand that younger workers are in high demand, highly skilled and career opportunists who actively change jobs to seek better compensation or working conditions. They recognise that despite a short employment history, many individuals are in a strong financial position and have industry experience.

But it also depends on your circumstances. If you are an experienced professional with other sources of income, a strong asset portfolio, few liabilities, a strong credit score, high genuine savings and a stable employment history as far as many years of experience in your given field, lenders are more likely to make an exception to their lending criteria and grant you a home loan. If you are not an experienced professional, it is still possible for you to get a home loan. However, your choice of lenders may be limited, which can mean you may have to settle for a less competitive product.

Do lenders favour certain lines of work?
Major banks and other lenders usually prefer the following:

Nurses
Teachers
Medical professionals
Government employees
Mining industry professionals
Any other line of work which is in high demand

What if you are changing jobs?
Most lenders will not approve a loan for you while you are in the process of transitioning to your new job. However, there are a few major lenders with competitive interest rates who will consider approving your loan before you commence your new role.

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