Home Loan and Overtime/Allowances

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

Home Loan and Overtime/Allowances

Postby marylamb » Wed Jun 17, 2009 6:09 pm

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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Re: Home Loan and Overtime/Allowances

Postby Otto Dargan » Thu Jun 18, 2009 8:40 am

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.
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