There is misperception that you can’t obtain a loan while on probation or maternity leave, which is simply not true.

It comes down to choosing the correct lender and meeting the below minimum requirements.

A majority of well-known banks can consider a loan while on probation or the paid and unpaid maternity leave income and can even accept the expected return to work income, every file is different so banks do have a common sense approach and will assess each file on it’ own merits.

Loan while on probation

Can be considered based on the following general rules:

  • Max 80% LVR, but can go to 90-95% case by case, and in depending on the industry can get the LMI waived up to 95% LVR.
  • Must be in the same industry with minimum 12-month experience.
  • Generally, do not want to see more than a 90-day break between job search and previous employment.

Loans while on Maternity leave

Can be considered based on the following general rules:

  • Max 80% LVR, but can go to 90% case by case, and in depending on the industry can get the LMI waived up to 95% LVR.
  • Must have been with the current employer for more than 6 months, prior to Maternity leave.
  • Must pass probation.
  • Can accept 100% of the paid Maternity income- government paid and employer.
  • Can consider the return-to-work income, as long as you have enough savings to cover the mortgage repayment and living expense while you’re not paid.
  • Preferred to have a minimum of 3 years employment industry experience.
  • Full time and part time PAYG employee only.

Important: Subject to credit and lenders approval.