Applying for a loan while on probation

You may have just started a new job and are now under a probationary period. But you still want to own that dream house that is advertised at the real estate agency, or buy a second property for investment purposes. However, a home loan is a big commitment, and being on probation can mean unpredictable future job security.

It is recommended that you only apply for a home loan if you are under the firm belief that your current employment situation is stable, with a strong prospect of achieving permanent employment status when your probationary period ends.
Making a large financial commitment must be done with care while on probation. If you are working in probation and want to apply for a home loan our expert help can enable you to get a mortgage that’s right for you with competitive rates!

What sorts of loans are available?

Although you are under a probationary period many home loan types are still available:

• Professional packages
• Basic loans
• Lines of credit and fixed rates
• Fixed rate loans

How much can I borrow?

You are generally entitled to borrow up to 90% of the property value. If you are in a very strong financial position and meet stricter lending criteria then you may be able to obtain a 95%.
What sort of loan can I apply for?
Standard loan packages are available including:

• Home
• Investment
• Purchases
• Refinances
• Construction

Who can apply for this loan?

Anyone who can prove a track record of employment or study in their current industry can usually qualify for a mortgage.

Those starting a new job, making a career change or under probation employment can also apply for the loan.
If you are in a job and cannot prove your income then consider a low doc loan. Borrowers can generally obtain approval if they can provide an employment letter. This will allow them to borrow up to 80%. If you have pay slips then 90% and sometimes 95% are available.

Regardless of your employment situation, contact us today and we will endeavour to assist you in attaining competitive rates and features as part of your loan package.