Is it possible to get loan approval?

Have you just entered the work force for the first time or after an extended absence? It can often be extremely daunting and sometimes it can effect your ability to get approval for a home loan, particularly if you are on probation.

Students

You may have completed studies and are making a transition into full-time work. As you don’t have substantial experience within your industry, it can often hamper your ability to get your home loan approved. However, it is still possible! Lenders will look at your career choices to make sure that your’e moving into the same field that you studied in. You may also be required to provide evidence of your study and banks usually prefer those who have been studying in that field for two years.

Returning from maternity leave

You may be commencing work again after having taken maternity leave. Lenders like to see that you are returning to the same employer and the same line of work. Some lenders may request you to provide them with the birth certificate of your child to prove the reason that you have been out of the work force. If you are still on maternity leave we may need a letter from your employer to confirm the date that are you returning.

Returning or moving to Australia from overseas

Are you entering into the Australian job market after having moved from overseas, or are you an ex pat returning from overseas? We regularly deal with IT professionals who have gone overseas to further their career and are now returning home. Generally, lenders are happy to deal with professionals that are here on Employer Sponsored Visas (457 visa). If you are permenant resident or citizen of Australia they will want to see evidence that you have worked in the same field overseas.

Can you get approval?

The biggest difficulty for those who have just commenced work is that they don’t have a substantial amount of recent experience within their industry, or it can be difficult to prove the experience that they have. Therefore banks are reluctant to lend to them.

The right mortgage broker can help! Contact us today to find out how.