Keep your job-Gen Y missing out on property

In the article below – they mention that because Gen Y are switching jobs every year that they are not meeting bank loan requirements and so missing out on purchasing property.

http://www.smartcompany.com.au/property/20091223-gen-y-miss-out-in-property.html

I had a friend who found a great unit, got bank pre-approval,  had his offer accepted, then WHAM!~….. he was made redundant after contracts had been signed.

Unfortunately the bank wouldn’t give him the loan (despite being pretty employable).

If you have more than 20% deposit this shouldn’t be a problem. Otherwise … might be something you might consider if you are looking for a property and thinking of switching jobs. Banks usually require at least 6 months in the same job.

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