Note: You must have genuine employment in order for us to assist you with a home loan.

Almost all banks require payslips in order to assess a home loan application.

Without this essential information about your income, it presents a much higher risk to the lender.

This usually means that you’ll have to pay a higher interest rate or be declined outright but not every lender is the same!

What if I don’t have payslips?

It’s common to not receive any salary slips from your employer.

However, this all depends on the type of industry or the size of the company that you work for.

Many small businesses don’t issue payslips to their employees, especially if payments are cash-in-hand.

It could also be the case that payslips are issued but they are handwritten meaning that the bank will not accept them as proof of your income.

In other cases, you may receive income on an irregular basis that is very difficult to prove.

This usually includes salesmen, casual employees and people who work significant overtime.

How can I prove my income?

No lenders will accept a loan that is not backed up by some kind of evidence.

You can verify your income with at least one of the following:

  • Letter from your employer.
  • Group certificate for the most recent year.
  • Tax return.
  • Bank statements for the last three months which show regular payments into your account (payments must be consistent).

All of the above can be used in lieu of payslips but these are only accepted by a few lenders.

If you’re unsure about which documents to provide for a no payslips home loan, call us on 1300 889 743 or complete our free assessment form and one of our expert brokers will contact you.

How much can I borrow?

The amount of money you can borrow depends on your situation and the type of income verification you can provide.

  • Employment letter only: 80% LVR (80% of the property value).
  • Group certificate only: 80% LVR.
  • Tax return only: 80% LVR.
  • Notice of assessment only: 80% LVR.
  • Salary credits only: 90% LVR and up to 95% LVR for strong applicants.
  • Employment letter and a group certificate OR tax return OR notice of assessment: 90% LVR and up to 95% LVR for strong applicants.
  • No evidence available: This type of loan is no longer allowed due to new legislation (NCCP Act).

Will I pay a higher interest rate?

As long as you can provide some form of verification of your income, you can still get an excellent interest rate discount just like most other borrowers.

The secret is to choose a lender whose employment verification requirements matches what you’re able to provide.

Why do most banks ask for payslips?

The most important reasons why banks believe that payslips are vital documents are:

  • Payslips are the most reliable form of verifying someone’s income.
  • The lenders are able to see a breakdown of normal, overtime, bonuses and commission income.
  • The lenders are able to use your Year to Date (YTD) income to calculate if your current income has been consistent throughout the financial year.
  • The lenders are able to see expenses such as tax, HECs/HELP and any debts you’re paying direct from your pay such as salary packaging expenses.
  • The lenders can see whether someone is employed as a permanent or casual employee.

My payslips don’t meet the bank’s criteria!

This is a common reason for people to apply with a lender that doesn’t require payslips.

Below are the standard requirements that payslips must meet before they will be accepted by a lender:

  • Must be dated less than 4 weeks from the date of application (old payslips are not accepted).
  • Includes employee’s name, year to date income, pay period details and the employer’s ABN or ACN number.
  • Handwritten pay advices or pay envelopes are not acceptable on their own – payslips must be computer-generated using an accounting system.
  • MYOB or payslips produced from small business accounting software are treated with caution.
  • All deductions are to be explained.

What if I can’t provide any income evidence at all?

We’re specialists in low doc loans!

However, if you can’t at least provide a letter from your employer, are there options available to you?

You may qualify for a no doc home loan instead but you’ll pay a significantly higher interest rate with a second-tier lender.

Can I get a mortgage without a job?

Unfortunately, we can’t help you get a loan if you can’t prove that you can afford to repay it.

Some people lie to the bank about their employment status.

We believe in ethical lending and won’t help you lie to a bank.

We are more than happy to help people who are in a good financial position and are legitimately employed but have a difficult time proving their income.

We can help you once you have started a new job.

Some of our lenders only require you to be in your job for one day before they can consider your loan application.

What if you get paid in cash?

Waiters, tutors, valets, bricklayers and many other professions are typically paid without their employer ever issuing payslips.

This is not a problem for them until they apply for a home loan!

With no payslips to show, these borrowers are often left high and dry by their banks.

Some lenders have realised this and have introduced new policies on the documentation which they will accept.

Apply for a no payslips home loan

Our mortgage brokers are specialists in helping people who have difficulty proving their income.

Unlike other mortgage brokers, we can quickly work out which lender is the most suitable for your situation.

Please give us a call on 1300 889 743 or complete our free assessment form to speak with of our mortgage experts.

  • Winston

    Will the banks accept doc payslips since I work in a small business & they’ve no provision of printed payslips.

  • Hi Winston,

    The requirement in such case differs from lender to lender. In the lack of printed payslips it is most likely that they would ask for a 3 months bank statement showing your salary credits, an employment letter and your last years group certificate.

  • Clifton

    Do the banks accept six week old payslips?

  • Hello Clifton,

    Generally, banks will require that your payslips be dated less than four weeks from the date of application. However, they may also accept payslips no more than six weeks old. If you are paid monthly then your two most recent payslips are fine even if they are a little older.

  • rubydoo

    I don’t have payslips and I can’t provide tax returns right now so can the banks accept draft tax returns instead?

  • Hey rubydoo,

    Generally speaking, the lender will check to make sure the tax returns are signed and certified and backed up by notices of assessment. This is a simple fraud check to make sure that these are the tax returns you lodged with the Australian Taxation Office. Draft tax returns are only accepted by some of our lenders if your accountant can write a letter confirming they are the final copy that will be lodged with the ATO.

  • lax

    Hi there, I apply for credit card from citi bank and i provided payslips, but asking me to provide proof of employment, for proof of employment can I provide them my bank statement where I received my wages ?

  • Hi There
    It just depends on what is acceptable to them. It’s best to call and ask what they want. It could be bank statements, an employment letter, last years group certificate or sonething else.

  • duggan

    I’m on probation right now but I want to buy a house and so need to borrow 90% to finance the purchase. I actually haven’t started my job and will begin in a week. So can I get the loan?

  • We have two lenders in mind that can help but both will require you to be in the new job prior to formal approval. We may need to confirm if payslip will be necessary or if an employment letter from the first day in job is okay. Note that you must include employment contract in submission. A group certificate may make the deal stronger if it has a similar income. Please call 1300 889 743 to discuss this in detail with an unusual employment situation loan specialist.

  • Christian zaffarese

    I dont work at all, I have a house payed off valued at 450, 000..and have 80, 000 in term deposit. I want to use that 80, 000 to buy a house valued at 210, 000. And rent that house to pay the loan. ?.who will leand to me ? Without a working income..

  • Hi Christian
    We need to prove that your rent is enough to pay the loan and also your current living expenses. Based on having no other income sources it is unlikely that any lender could help with this unfortunately.

  • Ashley Rachelle Andrade

    Hi my credit is about 535 and I get paid in cash is there anyway I can get into a new home

  • Hi Ashley,
    Your credit file is ok, although it could be better it is enough to get approved with some lenders. However your income will be a problem.
    I’d recommend that you talk to your employer about paying you into your bank account and withholding tax like normal. Once you have >3 months history of payslips and salary credits then we can assist you to get a home loan.

  • Kirsty McGregor

    Hi I have started working for my sister in law and she will be transferring my wages into my bank and she will give me a receipt. I am her first employee so she does not have payslips yet. I am going to try and get a mortgage in the near future. Will they accept payment receipts as proof or will it have to be payslips?

  • Otto Dargan

    Hi Kirsty
    Receipts aren’t acceptable however if the salary credits to your account are consistent for three months we can use this as evidence of your employment. Note that an employment letter will also be needed and our team would also call to verify your employment.

  • Alex Konovalenko

    Hi guys, I want to buy an investment property in Brisbane. I am a NZ citizen and live in NZ. I have a small company and work by my self (similar to a self employer). I am paying salary to myself. Another thing I am planing that the rent will cover the mortgage payments. So do I need to show any payslips or bank statements? And an employer letter I have to write by myself to me. Sounds crazy. Depends on a property price and when I can buy it, I will have 15-25% of the property price. Can I borrow the rest of money in my situation?

  • Hi Alex,
    You’d need to show two years tax returns for yourself and your company and you’d be assessed as self-employed. We have some lenders that can accept self employed borrowers in NZ. I’d recommend that you borrow no more than 80% of the property value.
    The rent paying the loan isn’t enough for Aussie banks because they only use 80% of the rent income, they assess your loan at 7.25% or higher and they need to show you can afford your living expenses. So on that basis you need to show an income yourself even if the property is positively geared.
    We’ve got some info that you may find helpful on other parts of our website:
    – Info for NZ citizens on foreign citizen stamp duty
    – Info for NZ residents on buying property in Australia including the Non-Resident Withholding Tax

  • Fortuner

    I earn a bonus of $40k, almost the same as my annual salary. But, it’s an annual bonus and isn’t mentioned in my payslips. How can I prove that to my bank for a home loan application?

  • Hi Fortuner,
    Banks will consider your bonus income for your home loan application. You have to provide them a letter from your employer mentioning the annual figure. Also note it should be in the office letterhead and should be signed and dated from the employer.

  • Muscley

    I work for a small service station and I get paid on cash, no payslips. I applied for a home loan with Hume Bank but they rejected my application due to lack of payslips. Is there any other lender or any document that I can provide and get a home loan?

  • Hi Muscley,
    Apart from the payslips, letter from your employer, tax return or group certificate for the most recent year, or bank statements for the last three months which show regular payments into your account could be used to prove your income. If you could provide these alternate documents, then there are a few select lenders on our panel who could assist you in obtaining a home loan. Please give us a call on 1300 889 743 or complete our free assessment form to speak with of our mortgage experts.