Overtime & bonus income home loan

Overtime income home loan

To the banks overtime income isn't reliable as it may vary from week to week. This is true for some however for anyone in healthcare, law enforcement or a variety of other industries with high overtime then this really doesn't apply. If you can basically work as much as you want to work then chances are your overtime is secure enough to be used to service a loan. We deal with lenders that can consider overtime income for a home loan no matter what industry you are in.

Bonus income home loan

Many employees received end of year bonuses or quarterly bonuses that do not form part of their ongoing pay. Lenders can consider this income when assessing how much you can borrow as a mortgage as long as the income has been ongoing for some time. Several lenders view this type of income in different ways, such as annualising the year to date (YTD) figure on your payslip or just using the income on your group certificate. For this reason getting a home loan if often just a matter of applying with the right lender that can take your annual bonus into account.

Commission income home loan

Commission income is often paid as a condition of employment or even on a regular basis. Australia has many successful commission only salesman who have trouble applying for a home loan because their bank will not consider their income when assessing serviceability. Most lenders want to see a two year track record so they can be sure your income is stable. This isn't fair because many workers can choose to work harder to earn more! Don't worry, there are lenders that can approve your home loan without a lengthy history of your commission income, often as little as three months evidence of your income is enough to get your mortgage approved.

Which lenders can help?

Typically banks tend to be better with understanding overtime, commission and bonus income compared to non-bank lenders. That being said there is still a large difference between the banks and their home loans.

Which loan types are available?

All loan types: Professional packages, basic loans, lines of credit, fixed rates.

How much can I borrow?

You can borrow up to 100% of the property value.

What can I use the loan for?

Home / domestic use, investing, purchases, refinances and construction are all acceptable loan purposes.

Who this loan is for?

Casual employees that are either permanent casuals, have multiple casual jobs or that can show at least a one year track record of casual employment or at least two years employment in the same line of work or industry.

Who this loan is not for?

Self employed and low doc borrowers. Note that some commission earning workers are considered to be self employed by the banks in which case they can borrow using this style of loan.

Discounts

Professional package and basic loan discounts are available.

Loan features

All loan features: Interest only, fixed rate, line of credit, 100% offset, redraw, extra repayments.

Notes

Importantly we ask that you decide for yourself if your commission, overtime or bonuses are regular and consistent enough for you to rely on them to obtain a loan. If not then don't apply for a loan! If so then please contact us for a quote from a lender that will look at your situation favourably.

Talk to us to obtain a quote from a lender that will consider you while you are on probation.