Hey everyone.
I'm new to the forum. I have been reading your posts and find them extremely helpful.
I have a question in relation to loan approval.
I caught a serious flu virus in mid April and took about 2.5 weeks of sick leave. I didn't want to go back to work with any symptoms as there was a lady at work who was heavily pregnant and I didn't want to cause any health risks to her. I was due to go back to work after 2.5 weeks but then I started getting some gastro symptoms. The doctor recommended I stay home. I have been taking unpaid leave as I wanted to save up my annual leave for the next financial year.
During my time off, I have come across a property that I would like to purchase. I have provided the banks with my PAYG Payment Summaries for the last two financial years. They have given me a pre-approval which will allow me to buy this property.
Now that I'm very interested in the property and wish to exchange the contract (by paying 0.25% with 10 days cooling off), would the bank (one of the 4 retail banks) ask me to provide them with my payslips for the last few weeks? If so, those payslips will show I did not have income for those two weeks as I was on unpaid leave. Would this be a problem? (I came across this property by pure chance. If I knew I was going to buy a property, I would have asked for my work to pay me annual leave so that my payslips would show I have income).
My position is that I am due to return to work in two weeks time on same duties and same pay, and the time off was temporary, so it shouldn't be a concern to banks. But I understand the banks have been very conservative in light of the economic crisis.
Has anyone experienced this problem? or know what the bank would most likely do?
Thank you so much in advance!!!
I'm new to the forum. I have been reading your posts and find them extremely helpful.
I have a question in relation to loan approval.
I caught a serious flu virus in mid April and took about 2.5 weeks of sick leave. I didn't want to go back to work with any symptoms as there was a lady at work who was heavily pregnant and I didn't want to cause any health risks to her. I was due to go back to work after 2.5 weeks but then I started getting some gastro symptoms. The doctor recommended I stay home. I have been taking unpaid leave as I wanted to save up my annual leave for the next financial year.
During my time off, I have come across a property that I would like to purchase. I have provided the banks with my PAYG Payment Summaries for the last two financial years. They have given me a pre-approval which will allow me to buy this property.
Now that I'm very interested in the property and wish to exchange the contract (by paying 0.25% with 10 days cooling off), would the bank (one of the 4 retail banks) ask me to provide them with my payslips for the last few weeks? If so, those payslips will show I did not have income for those two weeks as I was on unpaid leave. Would this be a problem? (I came across this property by pure chance. If I knew I was going to buy a property, I would have asked for my work to pay me annual leave so that my payslips would show I have income).
My position is that I am due to return to work in two weeks time on same duties and same pay, and the time off was temporary, so it shouldn't be a concern to banks. But I understand the banks have been very conservative in light of the economic crisis.
Has anyone experienced this problem? or know what the bank would most likely do?
Thank you so much in advance!!!