Australian Money Forum

[trouble]

I've bought a one bedroom off the plan apartment in inner eastern suburbs for $360,000. It is a really nice, unusual apartment, good plan, nice little garden, underground parking -a new apartment like this is hard to find I think. I don't really want to lose it. I'm a first home buyer eligible for the $32,000 (if they finish by February, 2011 that is).

With apologies, I'm going to sound like a total complainer now. The problem I have is, I want to quit my job. I'm a school teacher and I'm hating it, stress, exhaustion, I'm really not a happy camper. So I want to make it to the end of year and then change jobs.

But, a problem, the mortgage. It was a perfect plan in the beginning as the apartment was meant to finish this September, hence no problem with the mortgage, pre-approval covered with commbank, live in it for 6months then rent it out for more income to help pay the mortgage. It would have been just perfect.

Life is not always perfect though, and it has been delayed until next February. Meaning a mortgage problem if I change jobs, as I would probably lower my salary, and I probably wouldn't make the 3 month probation period the banks require.

Question
I have 20% deposit, (with the $32,000) and will most likely have another $20,000 on top of that by the time February comes around. My current loan amount is $288,000.

Option 1: Quit jobs and take out a risky loan with a dodgy lender.
Is it possible in my circumstance to get a loan with a outfit that would be willing to take more risk?
If a financial institution would help me, would their interest rates and charges be too high since I would have a job problem? Would I be stuck in the loan?
Option 2: What if I got rid of the first home buyers grant, and instead rented it out straight away (I think I could get $360p/w), would a bank help me more readily then? This would mean losing the $32,000.
Option 3: suck it up and stay in the job for another year, and hence no mortgage problem.

i would greatly appreciate any help understanding my position on the mortgage to help me make this decision. Thank you very much.