Page 1 of 1

HELP! employment problem

Posted: Wed Jun 17, 2009 4:39 pm
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.

Re: HELP! employment problem

Posted: Thu Jun 18, 2009 8:52 am
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.

Re: HELP! employment problem

Posted: Fri Jun 19, 2009 4:31 pm
by moodyjack
That sounds quite bad... so i would be better off getting a home loan after a year of casual employment?

Re: HELP! employment problem

Posted: Tue Jun 23, 2009 9:44 am
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.