We have found a house we want to make an offer and we have saved the 10% deposit. I have just started a new job and still on probation for another month, will this have any impact on us obtaining a loan?

Chris, the best thing to do is chat with your bank or mortgage broker before making the offer..

Typically a bank wants to see 3 months of stable income before approving a loan so if your probation period is past that you should be fine. If not the broker may have a problem getting the loan approved.

An alternative solution is to secure the home with a 'delayed settlement' or ask for a 'subject to finance clause' and this way you can at least secure the property and have it under contract whilst clearing up your lending requirements with your bank.

If you absolutely 'love' the property and don't want to miss out, and its vacant, increase you offer slightly, ask for a 6 month settlement and pay the owner a decent rent until you can settle... This way you won't loose it and you'll have plenty of time to get through the probation to secure finance.

I hope this helps mate and good luck with the property.

Hi Chris,
Probationary periods can be a problem, however if you have been a long term employee in the same industry/profession, it may be overlooked if you have moved to a better position or for promotion. Changes of profession, say from an accountant to a pizza shop manager, would raise concerns. Lenders look for continuity and stability, and the type of employment, making a decision.
That being said, you would need mtge insurance with a 90% home loan, and the insurers have a less generous attitude.
I hope that helps.
Ray Simpson
Mortgage Australia
1300 95 60 50

Hi Chris, There are lenders who will lend if you are on probation. The key consideration is clear credit, and showing you have been in a similar role for 12-18 month or more. 95% is possible and happy to run through options relating to your personal circumstances and needs.

Hi Chris,

As stated above, there are lender who will accept probationa as long as you have been in the same industry previously. Again as stated above with a 10% deposit your loan will have to be mortgage insured, therefor there will be other factors just as important.

I would advise to speak to a mortgage broker to match you up with the right lender for the best possible outcome. Ideally you shoul obtain a pre-approval before making an offer on a property as to avoid any delays and surprises.

Please feel free to contact me if you have any further questions.

Cheers

Chris. Good morning. The respondents have given you all the appropriate words of caution, so I will not repeat anything, other than saying you now have some good advice and ideas. My main reason for adding this comment is that I note how close we are in location ( I am placed in Glendenning) and could be available to meet during the day or evening, should you wish to chat and cover off all the options.
Best Regards
Ken Olds
1300 ASK KEN

Yes and no - same industry with some lenders you have no issues. Happy to review