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. 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.
Home Loan and Overtime/Allowances
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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Re: Home Loan and Overtime/Allowances
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.
Other lenders need a minimum of three months income and will accept 100% of that income for serviceability purposes.