Bank Finance

[TAB_DR]

Hi all,

Im looking to get an IP and had a verbal discussion over the phone with the bank over the phone and all was good.


I then sent Pay slips in and was told i could not service the loan for the amount as they only take a normal weekly wage as my income.

Not my wage with OT even thou the payslips i sent in where with OT

Every week I do OT and my wage for the last few years is not what my normal wage is with OT.

Hope this makes sense.

Is there a way around this or should I try speaking to someone else.

Dave

 

[jrc77]

How about talking to a mortgage broker? They will be able to look at your situation and would have a good idea of which banks you will be likely to get loans through. There are plenty of good brokers lurking around here.

Regards,

Jason

 

[Jamie M]

Differen't lenders have differen't policies for assessing income. A deal that one lender may knock back might be accepted from another. A broker who has access to a number of lenders should be able to advise accordingly.

Cheers

Jamie

 

[Spectre]

Agree. Find a MB - plenty of lenders who'll accept OT if history. Even those who'll accept YTD payslips annualised.

 

[Evachange]

Some lenders will take OT at 50%, some at 100% etc, each lender has different set of rules and its a case of finding a lender that will do the deal based on your situation.

 

[andrewmcgowen]

Hi Tab Dr

Without knowing too much about your financial situation I again recommend talking to a MB.

I have one here in Sydney that has done an outstanding job for us. He goes out of his way and looks after the customer ahead of the $. He has the approach of if he looks after you the business will follow in the long term through word of mouth. He is right!

PM me if you want his details, I can not recommend him more highly. Even just to have a chat!

I have no financial gain out of recommending him he has already secured our loans.

Good luck
Andrew

 

[TAB_DR]

thanks guys. have just spoken to a mb and he is looking into it for us.

Thanks for the replies

dave