Even if you work for your family, you may be able to get a home loan.
Some lenders will require you to provide a Notice of Assessment (NOA) soto approve your loan. The Australian Taxation Office prepares the NOA. This official government document shows your taxable income for the last financial year.
If you’re not able to provide NOA then you’ll need to provide at least one of the following documents in order to have a better chance of qualifying for a home loan:
- Payslips for the last 3-6 months. Bear in mind that these need to be computer generated payslips. Handwritten payslip documents may not be accepted.
- Bank statements of up to 6 months. These statements must be showing salary being deposited into your account.
- Group certificate or PAYG payment summary showing last year’s income. This too must not be handwritten.
- An employment letter that confirms your income, tenure of your job as well as the date of appointment.
If for any reason you’re unable to provide enough evidence of your income then you may not be allowed to borrow more than 80% of the property value.
Cheers,
Otto