My Job Effects My Home Loan? What The……
Speaking in general terms, yeah, it does. Think about it. Imagine you’re a bank and a professional WWE wrestler submits a Home loan application, sure they’ll be able on good money at the moment but for the bank to loan money to a person or couple they need to understand their profession. If the bank has never dealt with a pro wrestler before (good chance they haven’t) then this could cause a reason for them to be hesitant in processing the loan.
So yes, banks do take your profession into account when applying for a loan. Good news, if you can show a stable employment history, regardless of your profession this is a good sign. Typically it’s 6 – 12 months. However, this will change depending on the loan product.
The Good News!
We ask you before you apply. This is why we have this section. So you can put in what you do for a job/business and this will help filter out those loans that don’t match, whilst attracting to those that do. This means you only see loans that you have a high likelihood of being approved for and gives you less chance of getting knocked back for doing power slams from the top rope.