RSS Feed

Ryan Smuts: I’ve just changed jobs, what does my lender need to know?

Tuesday, March 24, 2020


A little note from us: 

Though the effects of Covid-19 are being felt acutely across the board at the time of this article being published. We feel that it is important to, as much as possible, keep with our original content schedule to maintain normalcy and provide a balanced range of information to help our readers make better decisions long term. This article was produced before current events without accounting for or addressing the extraordinary circumstances we find ourselves in right now. It is not intended to distract or diminish the current challenges of Covid-19 for property investors and their tenants. 


You’ve just changed jobs and you’re wondering what your bank would like to be made aware of. Well, that all depends on where you are at with your bank!

If you have an existing mortgage and are not looking to make any adjustments to it, then the reality is that lenders will not be too terribly fussed to know about your job situation. In saying that, I am assuming, of course, that your financial position largely remains the same and that there are no material changes. So keep up with those mortgage payments and you shouldn't have any issues. If your new job is going to make a material difference to your financial position then you are best to have a chat/discussion with your broker/lender. 

Now, securing new lending (whether to buy a new property or top-up for renovation) is a completely different beast. Lenders will definitely want a firm understanding of your employment situation. The two key scenarios to be mindful of:


  1. If you’re about to apply for a loan and have just started a new job, the lender will be most concerned about probationary periods and some such. They may want to wait until you are free and clear from probation before committing themselves by way of a loan offer. Again, much would depend on the type and scope of the lending and your overall position.
  2. If you've already been approved for a loan, it is definitely important to let the lender know of a change in employment. The key thing here is whether the remuneration amount is the same as what you were on when you applied for the loan and also whether there is a probationary period. Assuming the income is the same and there is no probationary period – you shouldn’t have any issues here. Still, you need to let the lender know.


Every situation is different, and there are many types of lenders out there with different criteria, so if you’re in a situation where you need to move quickly and are stuck for funding while in a probationary period – feel free to reach out! You can contact me at ryan@krispedersen.co.nz or on 021 193 9333.





Ryan Smuts 

Ryan is a Key Accounts Manager at Kris Pedersen Mortgages and Insurance as well as a property investor. 





Recent Posts


asbestos commerce commission trespass buying rules recycling equity parry v inglis property equity property apprentice privacy Jeff Bezos ird auckland bond form banking rent nzpif television sale and purchas return barfoot and thompson reserve bank opes partners How to rental wof tenancy tribunal Property (Relationships) Act relationship interest rates RTAA 2019 Must know khh rta Tribunal case study damage election2020 trust insurance finance tax structure market winz advice beginner investor landlord HHGA wealth creation renovation housing affordability CoreLogic water bill subdivision business short-term rental income will market rent ask an expert HHS Q&A wins scotney williams lvr robert kiyosaki personal growth Must knows fixed-term tenancy development trademe anz ring-fencing legal government clnz cgt investor sublease tenant HSWA buying warren buffett principal and interest TCIT capital gain rta reform LIM education bad tenant property management interest only debt enforcement letting fee property maintenance worksafe investment strategy buyer's agent negotiation election 2017 extractor fan cash-flow Investor story building productivity tenancy issues Investment tip ocr sale and purchase data security Level 4 positive cash flow p lab Gluckman off the plan initio financial advisers act speculator airbnb bond twg report Sponsored post skill shortage maintenance Question and answer covid-19 Standards New Zealand CCC gluckman report warm up new zealand letting property cycle rtaa2020 Kris Pedersen Mortgages and Insurance Holler unitary plan insulation meth mortgage rent increase management smoke alarm DTI first home buying RBNZ rental market cat heating mindset heater Guest blog boarding house rent arrears house prices Editor's Choice kiwibuild yield Market report minor dwelling Case study property value housing bubble Landlording ventilation auckland council meth contamination watercare holiday house termination tenancy services inspection shower dome partners


Introducing Our Partners
Principal Sponsor - Kris Pedersen Mortgages & Insurance logo Gold Sponsor - Barfoot & Thompson logo Gold Sponsor - CoreLogic logo Property Apprentice logo The Insulation Warehouse logo The Renovation Team logo The New Zealand Property Investors' Federation logo
09 360 2376

The Tenancy Practice Service and TPS Credit Control work closely with the Auckland Property Investors' Association. Our vision of bringing helpful resources, documents and high quality services to Auckland Property Investors and Property Managers is shared by APIA, so its a partnership that works well. 

The Auckland Property Investors' Association is a great organisation for those who want access to advice and information from a range of industry experts and partners. 

Mathieu Holt- Managing Director, The Tenancy Practice Service & TPS Credit Control
Through the Association I found the channels and methods to fund the purchase of property I never dreamed about. Grant Brown

All round it has been one of those things Neil and I felt was really worthwhile belonging to. We have learned so much it has just built our confidence in what we are doing.

Janice Bieleski
I read two articles in the monthly magazine that saved me over $5,000. That is my membership fee for the next 26 years and I am sure I will learn a whole lot more! John Duncan
Fantastic organisation. The networking opportunities are brilliant and provide us with information and opportunities that cannot be obtained anywhere else. We learn something new at every meeting and we've been in this game for nearly 20 years. Pauline and Gyanen Kumar

I find the information obtained from various APIA meetings very useful in guiding my own property investment and rental management.  I also enjoy the networking opportunities with like-minded investors.  I am inspired by other investors’ success and find the more experiences and knowledge that I share with others, the more confident I become.  

Thanks to all APIA event organizers and administrators for your brilliant work. 

Stella Shao

I like talking to people and learning from their experience because it gives me the confidence to invest well. I think it is a knowledge thing. I now know I am doing things the right way.

Stephen Weatherall

My APIA membership has become a total success.

Every time I attend a monthly or regional meeting I come away with so many useful and positive tips that have added value to my property investments and management.

Not only that, the website is a great place for practical advice and useful information. It has now evolved into an important resource for my business.

Talk about value for money! The discounts I have been getting at Bunnings when I present my APIA membership card have more than paid for my annual subscription!

Tim Duffett, Plan A Investments Limited