Here’s the email I received just now:
“Hi Kirsty, I wanted to reach out and get your opinion. I am considering changing jobs but am not sure if this will impact me being approved for a home loan, I have been told I would have to show pay slips for the last 6 months from the one employer. I’m not sure if this is correct & this would obviously impact my decision.”
I get an email like this nearly every week and I love that people come and talk to us first – it’s brilliant. As I always say there are no silly questions!!
What I always let people know is that
– Some lenders (big reputable banks too) will accept new part time and full time employment with an employment contract and first the first payslip.
– This does mean that they will only base income on your base hours, not any overtime, allowances, bonuses or commission though.
– With casual employment it’s more likely that your minimum time in the role needs to be 6 months.
So in short, new employment doesn’t necessarily mean you can’t get a home loan immediately BUT it will limit your options and your circumstances then have to suit that lender without a lot of other options.