Proof of income for new PPoR mortgage

Quick Q... think I already know the answer (better to embarass myself here than with my broker! :p)

Wife is on 1yr maternity leave, we're waiting patiently for her to return to her (high paying) job in November before we buy a new PPoR ($1m+) and mortgage ourselves to the eyeballs.

We saw an awesome place yesterday :rolleyes: ... we have cash savings (plus my salary) to pay a mortgage in the interim period before wife returns to work...

Is there any way we can borrow before November? The bank will presumably want to see 3 months payslips from the wife?
 
All depends on whether the loan serviceability is dependant on your wives income.

If not then no reason at all why you cant proceed.
 
Yes, debt serviceability ratio. Its the lenders formula they use to calculate & determine whether you have sufficient income to meet your proposed & existing debts plus cost of living expenses.
 
Your kinda stuck. Once upon a time, at a low LVR you might have a shot if you can prove your wife is going to return to work, that involves documention from her workplace etc. In the curent lending environment I dont like your chances. Any possibility on getting a long settlement on the purchase property? In the past I have had an approval with a settlement condition of the first pay slip prior to settlement.... That might work?
 
Yeah i was thinking that but there's long settlements and then theres looong settlements (like, a year)... which no one in the right mind would accept in the current Perth market.

We're probably stuck, but thanks for the comments
 
I presume your either renting at the moment? You could get a rental figure for the new property and use this as income to service the loan. I am assuming you wouldn't think of buying now if you couldn't afford the repayments.
 
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