Beware The Great Resignation If you Want To Buy A Home
In recent months there has been much talk in the media of the post pandemic ‘Great Resignation’ that is anticipated to sweep through the country. After months of lockdowns, work from home and social isolation in many parts of the country, people have had time to think and reassess their career aspirations and current working arrangements.
However, the reality may well be completely different based on a recent survey by our friends at Bluestone Mortgages. They commissioned a national survey that reveals 67% of people saving for a deposit to buy a home are planning on sticking with their current jobs.
This is based on their concern that if they change jobs or careers it might cruel their chances of having a home loan approved. Even those who already have a home loan, but thinking of looking to refinance in the near future are also concerned.
The research went on to say that Millennials are more likely than older generations to ‘stick it out’ in their current job – 72% of them, compared to 54% of Gen X’ers and 24% of Baby Boomers.
All lenders have criteria around employment when applying for a home loan, or looking to refinance a current loan, and the criteria can vary from one lender to the next.
Being on probation in a new job, or a complete career change can certainly impact your ability to get a home loan. However, a change of employer where you remain in the same industry or profession will generally not cause a problem.
If you are thinking about buying a home in the near future, or thinking of refinancing your existing home loan whilst considering a new job or career, it would certainly pay to speak with an experienced mortgage broker at Bernie Lewis Home Loans before taking the plunge.