Work Probation Periods + Aussie Mortgage Borrowing Capability
Aug 13th 2007, 9:09 am
#1
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Location: Pine Rivers
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Work Probation Periods + Aussie Mortgage Borrowing Capability
Apologies for the long-winded title 
Is it true that your income will not be considered as part of a home loan application if you are still on probation at work?
Although a permanent employee with Queensland Health, my OH has a 'standard' 6 month probationary period.
Our intention was to get pre-approval for a home loan but it looks as though we'll now need to wait until the probation period has been completed, according to the mortgage broker we spoke to earlier.
We also wondered what effect a novated vehicle lease would have on our borrowing capability, given that the monthly payment/deduction comprises a finance element and also a 'running costs' element
Cheers
Is it true that your income will not be considered as part of a home loan application if you are still on probation at work?
Although a permanent employee with Queensland Health, my OH has a 'standard' 6 month probationary period.
Our intention was to get pre-approval for a home loan but it looks as though we'll now need to wait until the probation period has been completed, according to the mortgage broker we spoke to earlier.
We also wondered what effect a novated vehicle lease would have on our borrowing capability, given that the monthly payment/deduction comprises a finance element and also a 'running costs' element
Cheers
Aug 13th 2007, 9:12 am
#2
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Joined: Nov 2005
Location: at the bottom of a wine glass
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Re: Work Probation Periods + Aussie Mortgage Borrowing Capability
We had real trouble getting approval for a mortgage whilst my OH was on probabtion. We were lucky though, that it was near the end of his probation and our broker (second one, cos the first was rubbish!) said 'I'll sort it', and he did
He got them to take into account that my OH had extensive work history in the same profession in the UK for over 10 years (and for the same company.) It probably helped because the broker was part of a massive company here in SA and put lots of business their way
He got them to take into account that my OH had extensive work history in the same profession in the UK for over 10 years (and for the same company.) It probably helped because the broker was part of a massive company here in SA and put lots of business their way
Aug 13th 2007, 9:38 am
#3
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Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: Work Probation Periods + Aussie Mortgage Borrowing Capability
I picked up my employment contract then walked to our bank (Commonwealth) and had a mortgage approval for 4.5 times my salary before having even started work, they just wanted to see proof of my previous UK salary (to show my Aussie salary wasn't unreasonable). We possibly were helped by the fact that we had all our UK house proceeds in the bank with them so they could see we were only loooking at about a 60% mortgage.
Aug 14th 2007, 7:36 pm
#4
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Joined: Jun 2007
Location: Carramar in Perth's northern suburbs
Posts: 1,129
Re: Work Probation Periods + Aussie Mortgage Borrowing Capability
Apologies for the long-winded title
Is it true that your income will not be considered as part of a home loan application if you are still on probation at work?
Although a permanent employee with Queensland Health, my OH has a 'standard' 6 month probationary period.
Our intention was to get pre-approval for a home loan but it looks as though we'll now need to wait until the probation period has been completed, according to the mortgage broker we spoke to earlier.
We also wondered what effect a novated vehicle lease would have on our borrowing capability, given that the monthly payment/deduction comprises a finance element and also a 'running costs' element
Cheers
Is it true that your income will not be considered as part of a home loan application if you are still on probation at work?
Although a permanent employee with Queensland Health, my OH has a 'standard' 6 month probationary period.
Our intention was to get pre-approval for a home loan but it looks as though we'll now need to wait until the probation period has been completed, according to the mortgage broker we spoke to earlier.
We also wondered what effect a novated vehicle lease would have on our borrowing capability, given that the monthly payment/deduction comprises a finance element and also a 'running costs' element
Cheers
It could well be that a lo-doc; or a no-doc loan is the answer..... but don't take my word for that?
I signed up for a no-doc 30 year mortgage on Monday just gone with the ANZ here in Perth. I'm annoyed somewhat with Which Bank......... because i currently have 5 accounts with them......... I have paid off 3 mortgages with them.......... yet they refused my loan application?
ANZ didn't bat an eyelid......... I could have given them a copy of the Beano or the Dandy as documentation and they would have still granted me my loan? Very disappointed with Which Bank!!!
Hopefully a proper mortgage broker will point you in the right direction?
good luck
