We have had the DA and loan approved to complete our renovations but I just been offered a redundancy package at work. If I do accept the package will it have an impact on the loan approval?

Hi Gary,

If you have not already signed the mortgage documents, a lender may do another employment check and in which case, you could be in trouble. However, if the loan has been approved, it is unlikely that they would do another check. But perhaps you should speak first with the Broker who initially organised your loan and he/she could advise you what to do.

While you are about to receive a redundancy package and may be able to make payments in the short term, you would need to be reasonably certain that you can find employment quickly so that you can meet your obligations under the loan without significant financial hardship.

You should also talk to a Financial Planner as you will be in receipt of a large amount of money and you would need to be fully informed about any tax implications and choices about what to do with the money.

If you wanted some further advice, please search for me through the "Industry experts" tab and click on my business name under "Name of Business" and all my contact details are there. I would be happy to assist.

Cheers,

Michael Budge
Bayside Finance Group