Getting a Home Loan When You've Just Started a New Job
A new job doesn't rule out a home loan, and neither does a probation period. What lenders want to know is whether the income is likely to continue, and they don't all judge that the same way.
What lenders are worried about
A lender is committing to a loan of up to 30 years on the strength of your pay. With a new job, there's less evidence the pay will last. So the questions are practical. Is the role permanent? Is it the same kind of work you did before? Can the employer end it easily?
How different situations are treated
| Situation | How lenders tend to see it |
|---|---|
| New permanent job, same industry, no probation | Usually fine. A signed contract and a first payslip are often enough. |
| Probation period, same industry | Many lenders approve during probation, especially with a good deposit. Some wait until it ends. |
| 90-day trial period | More cautious, because employment can be ended without the usual process. Some lenders wait it out. |
| Change of career | Lenders want more time in the role, often three to six months. |
| Fixed-term contract | Depends on your history. A record of back-to-back contracts in the same field helps a lot. |
| Casual or agency work | Usually six to twelve months of history to show the pattern. |
These are tendencies, not rules. Policies differ between lenders and shift over time, which is the reason to check before applying.
What strengthens an application
- Continuity. The same occupation with a different employer is very different from a fresh start.
- More pay, not less. A move for a pay rise reads as progress.
- A bigger deposit. Lenders are more relaxed about probation at 20% than at 10%.
- Skills in demand. Nurses, teachers, tradespeople and engineers get an easier hearing.
- A letter from the employer confirming the role is permanent and probation is a formality.
Already pre-approved and changing jobs?
Tell your lender or adviser before you resign. A pre-approval is based on the job you had when you applied. If you change jobs and say nothing, the lender can withdraw the approval when it finds out, which may be the week you go unconditional.
A move is often fine. But get it confirmed in writing before signing the new contract, or before going unconditional on a house, whichever comes first.
Moving to self-employment is different
Going from employee to contractor or business owner changes the picture completely. Most lenders want one to two years of self-employed accounts. If you're planning that move and a house purchase, buy first. Our guide to getting a mortgage with one year of self-employment covers what's possible afterwards.
This article explains how New Zealand lenders generally assess these situations. It is general information, not personalised financial advice, and lender policy changes often — check your own position with a registered adviser. Official sources: Reserve Bank of New Zealand for lending policy and the OCR, and Sorted.org.nz for independent government-backed money guidance.
New jobs and home loans: common questions
New job and looking to buy?
Tell us when you started, what you did before and your deposit. We'll tell you which lenders will consider you now and which want you to wait.
Call 027 343 3293 now- ✓ We compare 23 NZ banks and non-bank lenders
- ✓ The lender pays us — our advice costs you nothing
- ✓ Registered financial adviser (FSP1011206)
- ✓ Same-day reply on weekdays