A little note from us:
Though the effects of Covid-19 are being felt acutely across the board at the time of this article being published. We feel that it is important to, as much as possible, keep with our original content schedule to maintain normalcy and provide a balanced range of information to help our readers make better decisions long term. This article was produced before current events without accounting for or addressing the extraordinary circumstances we find ourselves in right now. It is not intended to distract or diminish the current challenges of Covid-19 for property investors and their tenants.
You’ve just changed jobs and you’re wondering what your bank would like to be made aware of. Well, that all depends on where you are at with your bank!
If you have an existing mortgage and are not looking to make any adjustments to it, then the reality is that lenders will not be too terribly fussed to
know about your job situation. In saying that, I am assuming, of course, that your financial position largely remains the same and that there are no
material changes. So keep up with those mortgage payments and you shouldn’t have any issues. If your new job is going to make a material difference
to your financial position then you are best to have a chat/discussion with your broker/lender.
Now, securing new lending (whether to buy a new property or top-up for renovation) is a completely different beast. Lenders will definitely want a firm
understanding of your employment situation. The two key scenarios to be mindful of:
- If you’re about to apply for a loan and have just started a new job, the lender will be most concerned about probationary periods and...
