Ramzi

Hi,


Sorry haven't been here for a while now...and facing big dillema at the moment...

My self and my OH have been here for a year now secured good jobs after few months of arriving here. So after saving for few months and with the savings we already had, we were planning to buy a house and made an offer for a house which was accepted. So as the next step we submitted the contracts to the bank to get the finance arranged but after two days of submitting all the docs for the loan, my husband lost his job due to a loss of a contract by the company he worked for..(he is an IT guy).

So we informed this to the bank and the bank manager mentioned that if my OH is able to secure another job within a week or so, he would be able to get the loan approved otherwise the loan will get rejected and he has to work for another three months before we apply for a loan again...

my OH really wants to buy that house and thinking whether there are anyways to get around with this so the loan can be approved...

I myself have really given up on this but would like to know what your advices will be....since I feel so lonely with nobody known around for advice and help.......

Dorothy

Why would he want to still borrow a shit load of money with no job? Do you make enough to support the both of you and still pay the mortgage if he doesn't find work for say 6 months?

The reason the bank has said they won't lend the money unless he has a job is because they want you to be able to pay them every month. Unless you are able to do that it's not worth them loaning you money.

medwaymark

When I bought my first house, I had been in my job a week and my OH was due to start the week after & the loan was still approved. We went through a financial advisor & they did the leg work for us.

verystormy

I think i would be with Dorothy on this one. Wouldnt even think about buying a place until he found a new job. Speaking to people in the IT industry, times are a bit tough out there at the moment and a quick look at these boards will tell you that there are plenty of unemployed IT people out there. Do you want to go through the hell of buying a place and face reposession?

joh117

Our first place in Melbourne we got a loan before we had started work back in 2004 with the HSBC we had a reasonable sized deposit though we only used 20% in the end.

This time around with kids in tow I dont think we would buy if we didnt know we had the money coming in to pay the mortgage.

There will be more houses coming onto the market and whats meant to be and all that. I would personally wait.

Hope he finds a job quick

Jo

Bermudashorts

As others have said why would you want to "get around" the loan approval process. If I lost my job the last thing I would want is a huge loan to service.

It wasn't meant to be. At any point in time there will be good houses on the market, this isn't a once in a lifetime opportunity although I understand it would be disappointing.

In the past I have had two house purchases fall through for different reasons and it was very disappointing, one was on the day of exchange, but my life would have followed a very different path had either worked out and I am happy with the path I ended up on and believe that those other purchases were just not meant to be.

Of course if he gets a job quickly then maybe it will be after all! Good luck.