Hi Jumpscare,
If your meals and entertainment allowance is regular and ongoing and doesn’t exceed $5,000 per year then you may be able to use it to borrow more on a home loan.
You may be able to add these allowances back to to allow you to potentially borrow more or meet the bank's borrowing power requirements if you didn't initially.
We know a select few lenders who can accept up to 100% of this allowance allowing you to potentially borrow up to 95% of the property value as a regular home loan.
Meals and entertainment cards are one of the most common fringe benefits that we deal with but we can also help with car allowances if you receive it as part of your salary sacrifice package, car lease payments and maintenance and/or fuel allowances depending on your salary package agreement.
You can call us on 1300 889 743 or simply our enquire online to find out if you qualify for a meals and entertainment allowance mortgage.
Cheers,
Otto
Using meals and entertainment allowance to borrow more?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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