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Gen Y struggle to get approved for a home loan

Members of Generation Y are finding it hard to be accepted for a home loan as a result of their job-hopping tendencies, a new report has found.

Data collected over the last six months by mortgage broker Loan Market Group found that more than one in 10 mortgage applications from the Generation Y age group failed to pass job stability requirements in the six-month period leading up to the loan request.

After releasing the data findings on Monday, Loan Market Group chief operating officer Dean Rushton, said that may Gen Yers these days have job mobility, but the banks don’t always seem to approve.

“Most lenders require their applicants to have been employed for at least 12 months with their current employer or have been continuously employed in the same industry for at least 24 months,” he explains. “So while it is not impossible for job-hopping Gen Yers to get a loan, it is certainly more difficult.”