There is a widely accepted myth in the world of home loans that you need to be employed for a certain number of months or years before you qualify your first home loan.
ARE YOU ON PROBATION?
If you have just started a new job, that is a permanent position, the good news is that you will qualify for a home loan even with a minimum deposit of 5%. If you are on probation and have one payslip for your new position, we can get you a home loan with a major bank with rates from 2.88% (at the time of writing in January 2020).
So, therefore, if you are on probation, contact us for more information.
HOW LONG DO I NEED TO BE IN MY JOB FOR?
The simple answer is, one week, fortnight or month, we have access to lenders who will lend you money for your home loan based on the annualized salary figure. For example, if your gross (before tax) income is $10,000 per month then the lender will consider an annual income of $120,000 for the servicing of your home loan.
Therefore, if you have one payslip for your very first job or your new job regardless of whether you are on probation.
WHAT IF I STARTED A NEW CONTRACTOR JOB?
Similar to a permanent job, you will still qualify for better interest rates as long as you have some previous experience in your industry. If you are employed in sought after positions such as the IT, Medical, Finance or Banking industry we can definitely get you a home loan if this is your first ever job in Australia.
WHAT IF I AM STARTING A NEW CASUAL JOB?
As casual employment involves hours that can vary significantly most lenders will require you to be in your job for at least 6 months.
However, at FHBA we also have access to lenders who will lend to you if you have been in your casual employment for 3 months – that too with rates from 2.88% (at the time of writing in January 2020).
Most lenders will annualize your casual income earned to date. E.g. If in month 1 you earned $5,000 gross income, Month 2 $10,000 gross income and month 3 $15,000 gross income you annualised income will be $30,000 + 4= $120,000.
TALK TO US ABOUT YOUR EMPLOYMENT SITUATION?
Our complimentary home loan service can help you with the most important part of your first home journey i.e.. The first home loan.
We can determine if and when you will qualify based on your period of employment, all at no cost and no obligation to you.
Get started on your first home loan, by clicking here.
Written By,
First Home Buyers Australia
