Yes. There are lenders who will assess your part-time and business income when calculating your serviceability (borrowing power)
Some lenders and banks are quite conservative when it comes to assessing the income of part time employees as these borrowers are seen as riskier due to their unstable employment situation. Most lenders will require you to be in the job for at least 6 months and you will need to show your recent payslips, group certificates or tax returns as proof of income.
If you’ve been working for less than a year, then some lenders will only assess 50% of your income. There are some lenders who might accept 100% of the income if you’ve been in your job for more than a year.
Banks and lenders will assess your business income in the following ways:
- Some lenders might use the lowest income of the last two years.
- Some even use the most recent year’s income shown on your tax return.
- Others might average the two years income or take 120% of the lowest year’s income.
Cheers,