Changing Jobs Affects Mortgages

Sometimes you don’t realise what could affect your ability to get a mortgage.

That’s what Laura discovered when she was in the midst of applying for hers.

Everything was going well with Laura’s mortgage application.

She had a solid two-year track record with her current employer, which showed that she was stable. Her lender pre-approved her loan.

But during the application process, another job opportunity came up. It offered Laura the ability to work casually for even more money than she got at her current job.

Naturally, she took the offer.

Since she was taking home a larger paycheque, she assumed that’s a good thing when it comes to serviceability.

But, her lender withdrew the loan offer.

Their reason?

She didn’t have 12 months of working casually under her belt.

Thankfully, Laura managed to get her loan approved with a lender who looked at her entire employment history, (they only considered this as it was the same position in the same industry).

But there’s an important lesson about assumptions here. Even a seemingly positive change like this could go against your current lender’s criteria.

Contact us today to find out what you need to do to get yourself in a position to borrow.