Unfortunately many Lenders do not use your full income, especially people who receive overtime income, work on a casual basis or who have receive other benefits. We have lenders on our panel that treat each loan on an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending. Maximum LVR is 90% LVR however in some cases with Strong Client lenders will go to 95% LVR.
The matrix below gives you an overview of product perimeters however it is best to phone or send in a contact form so we can analyse your unique circumstance.
|Salary and wages
|100% accepted if length of employment criteria is met|
|Overtime||100% accepted if length of employment criteria is met|
|100% may be used only if it is a condition of employment and is an industry standard|
|Rental income||80% of gross rental income may be added to net salary/wage income|
|100% of income as demonstrated in tax returns ‚Äì income level must be evidenced over the past 12 months|
|Car allowance||100% may be added to gross taxable income|
|Fully maintained company car||$5,000 p.a. may be added to gross taxable income|
|Child Support /
child maintenance /
|100% accepted if the maintenance agreement is registered with the Child Support Agency.
Six months consistent payments can be evidenced via the borrower‚Äôs bank account statements and it is considered permanent for the next five years.