Here’s what you need to know:
One payslip and no minimum timeframe – for verifying base income for PAYG full time, part time and employed by family.
Casual employment – 100% usage of annualised YTD income, minimum timeframe of 6 months.
Allowances & Penalties – 100% usage of regular payments (all LVRs/Occupations).
Salary sacrifice deductions – used as untaxed in servicing for selected industries.
Overtime 100% usage of regular payments for Healthcare & Emergency Services.
Bonus income – 80% usage (with 1year history).
Commission – 80% usage (with 6 months history)
Probation – considered up to 80% LVR.
Child Support and Maintenance income- 80% usage (with 3 months history).
Short-term/holiday letting – use of actual rental income (with 12 months history) e.g. Airbnb.
Real estate agent income – assessed under standard PAYG income policy where they are not an owner or equity partner.
Serviceability shortfall considered for Extended Leave – up to 80% LVR, where applicants can demonstrate their total proposed commitments can be met via savings already held during the period of leave.
Foreign income from overtime, allowances, commission, incentives, and bonuses accepted in servicing with the use of AUD tax rate for all applications except for SNG, HKD and AED. For these three, we’ll use the top tax bracket (un-tiered).
For more information, click here.
If you have any questions, refer to your BDM.
