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Most lenders require you to be in your current job for a set period of time, even if you change jobs in the same industry, a minimum term of 3, 6 or even 12 months is required before you can apply for a home loan.

Recently a major lender announced that they will accept home loan applications after just 1 day in your new job.

This is pretty good, I have seen clients who have worked for an employer for 5 years, then changed jobs right before they are ready to buy a house, only to be told by the bank they can’t get the loan because they have not been in their job for a set period of time.

National Australia Bank (NAB) will now accept applications after 1 day on the job assuming you are hired as a full time or part time PAYG employee. For casual employment they have lowered their minimum term in job to 6 months and they have other little nuances like using 100% of any motor vehicle allowances and 80% or overtime and bonus income after just 6 months employment.

There have always been other lenders who have this policy, such as CBA but it is great to now have more than 1 option of lender who will look at an application for a client who has recently started new employment.