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[MoreMore Tips] Will My Job Affect My Home Loan Application?

Updated: May 7, 2021

Employment status has direct influences on the success of a home loan application. Lenders will assess borrowers’ job type, income, and length of working. In general, the more stable your job is, and the longer working time you have, the higher your chance to get a home loan. Please contact with MoreMore Finance for free consultations. Your MoreMore Finance broker will personalise the loan plan based on your employment status.

Different job types affect home-loan application with different requirements. 6 common job types are showing below:

  • Full-time employment

If you are a regular full-time employee, you will have a greater chance to get home loan approval. Because borrowers have a stable income, lenders view them as lower risk.

  • Part-time employment

If you are a part-time worker, your home-loan application still has a chance to get approval. You should be able to prove that you have been working in the same position for at least a year before applying. And provide payslips when applying.

  • Contract workers

When applying, lenders will require borrowers to provide proof of stable income and future employment stability.

  • Casual employment

Given that this group of people has an unstable employment arrangement, lenders often view them as high risk.

  • Self-employment

Lenders will require borrowers to be in the current job position for at least 2-year before applying. And provide a complete financial report when applying.

  • Foreign buyers/investors

Borrowers should able to provide the last income statements (*requirements vary by different lenders).

Based on previous cases of MoreMore Finance,

we summarised 5 questions that most borrowers are confused about:

  • Does job change affect my mortgage application?

Because underwriters will request at least two years of work history, a job change may damage your application.

  • Do I need to tell my lender if I change jobs?

No obligation to tell lenders that you’ve changed employers if you’ve started making your monthly repayments.

  • How long do I need to be in a job to get the approval of my application?

Different lenders have different requirements regarding this issue. If you are not sure whether your length of working would affect the application, please contact MoreMore Finance for free consultations. [contact us]

  • What happens if I lose my job during a mortgage application?

You’re required to let lenders know if you lose the job. Being dishonest may result in a loan lock and lower your creditability. Tell lenders about your situation as soon as possible, and they can help you out.

  • How do lenders verify my employment status and income?

Do they call my employer? Lenders will verify your job-related documents, including pay slips, bank statements, tax statements, etc., to ensure your repayment ability. Also, they will contact your employer directly to obtain the necessary information.

Generally, lenders will assess the borrower’s net income, employment status, stability, and if job-related documents are provided adequately.

Not sure about net income calculation? Or get worried about if the documents are adequate to verify income? Please contact your MoreMore Finance. We will calculate your borrowing power based on your employment status and get a better deal. Save more, borrow more.

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Please call at 0481 975 098 for a free-cost consultation.

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