Home Loan and Overtime/Allowances

Any general questions you might have in regards to loans and finance.
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Joined: Wed Jun 17, 2009 5:44 pm

Home Loan and Overtime/Allowances

Post by marylamb »

Does anyone know of a bank or any lender who looks favourably on overtime and living away from home allowances. I have just been rejected by my bank due to too much of my my income being reliant on these factors. :cry: I have been with my current employer for 1 year and has consistently been paid more than $1700 a week in the bank.

All advice much appreciated.

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

Re: Home Loan and Overtime/Allowances

Post by Otto Dargan »

Every lender has their own guidelines as to how much overtime and allowance income they can accept. As a general rule most lenders need to see a 1 yr history of overtime and will then accept around 50% of your overtime income.

Other lenders need a minimum of three months income and will accept 100% of that income for serviceability purposes.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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