Hi,

This is our current situation..

I am on maternity leave and my partner is working full time.. It is likely that I will not have a job to go back to and I am currently seeking part time employment however for more pay.. Would it be a good idea to take the part time job and not apply for the home loan until after my probation is up (3 months) I would be earning 52K and my partner 41K.. we have no debt apart from a personal loan of 20K..

we also have savings of 40k and are looking to purchase a home of total purchase price $380K...

I have applied to Rams and CBA with a letter of employment however we were knocked back as they want me to return to work and provide pay slips...

basically I want to know 1. should I take the new job for more pay? and 2. would you be able to help us to get a loan and if not what do we need to do to be able to?

Thanks
Belinda

Hi Belinda,

In your current situation it would be best to find a job before applying for a loan. It is possible to get a home loan while on maternity leave however as a general rule you need to have evidence of the date you are returning to work with your past employer.

For your situation we can get you a loan once you are one day in your new job. You can get a home loan during the probation period as long as we can prove your salary. If you are part time then this should be no problem as you will have set hours as opposed to a casual employee whom would have irregular hours.

We can get you a loan with a major lender at a similar interest rate to Rams or CBA. Note that if you can provide evidence of your prior employment before taking leave then this would be helpful.

Please call us on 1300 889 743 and we can get everything ready to get approval once you have started a new job.

Thanks

_________________
Otto Dargan
Mortgage Broker
Ph: 1300 889 743
The Home Loan Experts

Our most popular pages:

• Credit Score Calculator: Do the banks see you as a high risk borrower?
• LMI Calculator: Do you qualify for discounted LMI?
• Genuine Savings: The biggest hurdle for first home buyers.
• Employment letter, Accountant letter & Gift letter templates

Hi Otto,

I have been advised that I am currently on a 8 week temp then going to part time permanent.. Will this be sufficient when going for the loan..

we have savings of $50K (about $20K genuine - the other $ from selling our land) and I would like to borrow approx $360K which will include a car.. Will this be enough to get us over the line? Will I have to do anything more to ensure that we are able to get a loan..

I am a little worried as we went for a loan whilst I was on maternity leave and will have 2 hits on our credit report...

Belinda

Hi Belinda,

Yes this would be acceptable with some lenders as long as you borrow no more than 90% of the value of the property and that your $20,000 that has been genuinely saved is at least 5% of the purchase price.

It would be helpful if you could provide some kind of evidence that the company you are working for normally hires people on a temp contract then converts them to permanent. Maybe a letter from your boss or something along those lines.

Please give us a call on 1300 889 743 and we can go through it in detail.

Thanks

_________________
Otto Dargan
Mortgage Broker
Ph: 1300 889 743
The Home Loan Experts

Our most popular pages:

• Credit Score Calculator: Do the banks see you as a high risk borrower?
• LMI Calculator: Do you qualify for discounted LMI?
• Genuine Savings: The biggest hurdle for first home buyers.
• Employment letter, Accountant letter & Gift letter templates