HELP! employment problem

Any general questions you might have in regards to loans and finance.
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moodyjack
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Joined: Wed Jun 17, 2009 4:36 pm

HELP! employment problem

Post by moodyjack »

If I have been casual for only 4 months then how can a bank work out my income?
My tax return only shows what I earned at my previous job and my payslips show me working different hours every week.

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Otto Dargan
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Re: HELP! employment problem

Post by Otto Dargan »

Most lenders require a 1 year history for casual income to determine your income. Some lenders can consider a 3 month history and will use your year to date income (YTD) to work out your annual income. They may then take 4 weeks pay off that income to allow for holidays.
Otto Dargan
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moodyjack
Posts: 47
Joined: Wed Jun 17, 2009 4:36 pm

Re: HELP! employment problem

Post by moodyjack »

That sounds quite bad... so i would be better off getting a home loan after a year of casual employment?

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Otto Dargan
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Location: Sydney, Australia
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Re: HELP! employment problem

Post by Otto Dargan »

The year to date method is quite accurate as to what your actual income is so we usually have no problems getting the loan approved assuming you can afford the loan. If you can't afford it then of course there isn't much we can do! Waiting a year doesn't really give you a better chance as it will likely just show the same income.

Each lender has their own way of assessing your ability to repay a loan so we usually get your payslips and work out the best way to go from there.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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