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3 or 12 month in work before mortgage is ok???

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Hi

 

We have been told very confusing information - we get told that we can apply for a mortgage after we have been in work for 3 months and then by someone else we have to be in work for 12 months.

 

This is very very annoying and not helping us plan -

 

does anyone have any ideas???

 

thanks

 

Amanda

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It may vary between banks, also if jobs are contract or permanent as well....

 

We'll probably be looking at 12 months (but that's partly because of the watermelon in my belly :)

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hiya guys

 

thanks for that - just confirming what we didnt want to be - but never mind - we are in a very cheap rented property and as long as we can get some sleep and ignore the traffic outside the house we should be ok!!!!!!!!!

 

Good luck with the watermelon!!!!!!!!!!!!!!!

 

xx

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The reason for this is that if you are doing the same job as what you were in the UK some financial institutions will class this as continuous employment. Have a chat with Andrew Williams, he has got some great deals on mortgages for people moving over http://www.pomsinoz.com/forum/pension-transfers-ask-vista he can also give you the ins and outs

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Hi

 

I've just come across this thread so sorry it has taken so long.

 

There is no set time period that someone has to be in employment before obtaining a mortgage. It really comes down to the individuals circumstances.

 

I have managed to secure mortgages for expats buying their first home here in Oz pretty much as soon as they have started work in some instances, as I say it depends each persons situation i.e visa type deposit amount, employemnt situation past and present etc etc.

 

 

Hope this helps,

 

regards,

 

Andy

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The reason behind the 3 month rule is - Lenders are hesitant with Probationary periods. Generally the probation is for 3 months hence the 3 month minimum period.

 

If you are not on any probation, there are lenders who will accept you from day one.

 

However, there are still conditions around previous industry experience, deposit and LVR.

 

For situation relating to your personal circumstances, please contact me on the details below.

 

Kind regards,

 

MORTGAGE BROKER

 

Investors Mortgage

M: 0408 005 273

Ph: 1300 468 733

F: +61 03 8256 0131

E: mail@investorsmortgage.com.au

A: Suite 615, 434 St Kilda Rd Melbourne - 3004

PO Box 3067, South Yarra VIC 3141

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It may vary between banks, also if jobs are contract or permanent as well....

 

We'll probably be looking at 12 months (but that's partly because of the watermelon in my belly :)

 

Sienna getting a baby bro/sister??

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