How do I calculate my YTD income?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: How do I calculate my YTD income?

Post by Otto Dargan »

Hello. Welcome to the forum.

Usually, lenders use the Year To Date (YTD) gross income figure from your most recent payslip or the gross income stated in your last group certificate. In many cases, your YTD income will be calculated from both your payslip and group certificate and in the assessment, the lower of the two incomes will be used.

Please find the steps below to use the year to date income calculator:
  • Find your most recent payslip and your group certificate from the most recent financial year.
  • Enter the data from these documents into the calculator.
  • The ‘end date of most recent payslip’ refers to the end of the pay period, not the date you were paid. For instance, if the pay period was ’14/12/2017 to 20/12/2017′ and the pay date was ’18/12/2017′, you would enter ’20/12/2017′ in the calculator.
  • If you have only just started your job this financial year or don’t want to work out your income from your group certificate then just enter ‘0’ as the ‘gross income shown on your last group certificate.’
  • Click calculate and the calculator will then work out your annual gross income.
  • You can now deduct your base pay from this figure to work out the amount you receive each year in overtime, pre-tax allowances, and other income types.
Please note that some lender won't use 100% of your overtime, bonuses and other income types in their assessment. Our mortgage brokers are experts in helping people with these income types to get approved for a home loan.
Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How do I calculate my YTD income?

Post by Otto Dargan »

Hi HHHelmsley,

If you're a casual worker then most lenders will require you to have been in your job for at least 12 months. Lenders prefer consistent work hours but can accept them even if they may vary a little. It’ll be less of a concern for you as you’re employed consistently for more than a couple years.

Additionally, banks consider a casual employee is someone with a fluctuating income, so it is relatively difficult to obtain a mortgage for casual employees. However, we work with lenders who understand that many Australians are now casually employed, and consequently, we’re often able to get your loan approved when other brokers and lenders have failed.

You can borrow up to 90% of the property value. If you’re in a strong financial position and have been in your job for 6 to 12 months, we may be able to help you get a 95% home loan.

Please call us on 1300 889 743 or complete our free assessment form and one of our specialist mortgage brokers will help you to get approved.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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