Changing Jobs as a Vet? Here Is What It Means for Your Home Loan

If you have recently changed jobs, or you are thinking about it, you have probably wondered what that means for a home loan application. Some vets assume a recent job change is a problem. In most cases, it is not. Which lender you use makes the difference.

What Banks Actually Look At

Some lenders do not care how long you have been with your current employer. They care how long you have been in the profession.

If you moved from one clinic to another, or from employed work to locum work, and you can show continuous engagement in veterinary work, some lenders treat that as continuity. Not as a reset.

The 12 Month Rule

For PAYG locum work, some lenders want 12 months of continuous engagement in the same industry. That is evidenced through payslips and a letter confirming ongoing work.

That 12 months does not need to be with one employer. It needs to be in the profession. This matters if you are moving from a permanent role into locum work, or between clinics. Lenders are assessing continuity, not loyalty to a single employer.

If You Have Moved to an ABN or Self Employed Structure

This is a different assessment. Some mainstream lenders want 2 years of tax returns before they will consider self employed or ABN income.

Some non-bank lenders will accept far less. In some cases as little as 6 months of ABN and GST registration, using alternative documentation such as an accountant letter or business bank statements instead of full tax returns. The trade off is usually a higher interest rate.

If the right home is in front of you now and you do not want to wait, this can be a legitimate way to get into it sooner. Once you have 2 years of tax returns behind you, we can look at restructuring the loan onto a mainstream lender at a more competitive rate.

Why the Lender You Choose Matters More Than the Timing

Two vets with an identical job change, at the same point in their career, can get completely different outcomes depending on which lender assesses the application. One lender sees the recent change and hesitates. Another sees years of Veterinary experience and treats the change as a non issue.

Our Take

We see this scenario often. A vet moves clinics, or moves into locum work, and assumes they need to wait a year or two before applying for a home loan. In a lot of cases, that wait is unnecessary. It depends on how the application is structured and which lender it goes to.

If you have changed jobs recently, or you are thinking about it and wondering what that means for buying a home, it is worth a conversation before you assume you need to wait.

Book a free discovery call: https://www.solidfoundations.com.au/booking-calendar/discovery-call