On probation is when you just start a new job or you already had some specific experience with the existing company in the same industry but you want to start working for a new company for better salary.
This period allows both employer and employee to see how well both parties suit each other before the full-time employment committed. Both parties have the option to end the contract anytime during this period. Depending on the agreement between both parties, probation period can be varying from 3, 6 or 12 months.
Some lenders may ask you to wait until the probation period expires because they think that you may loose your job anytime during the probation period. However, some lenders think that with the experience you had with the other company or with the knowledge you gained from university, you will have higher chance to get the job.
If you meet the lenders’ other requirements and have a clear credit history, we can help you to get the loan at LVR 95 per cent maximum. However, more information and documents may be required for loan over 90 per cent.
These types of loan are suitable for those people who used to work for other company in the same industry but want to expand the experience with another company and also those who have studied in the same industry.
These loans are not suitable for new start self employed.