Proving income for CBA loan - is letter of employment enough?
- Thread starter Eddie07
- Start date
Unlikely to be sufficient. The fact is anyone can write a letter.
The CBA will accept the letter if it's combined with a second verifiable document such as:
* Tax return or PAYG Summary (group certificate) - this isn't going to work because it's not relevant to your new job.
* Employment contract.
* 1 electronic payslip less than 2 months old.
Otherwise you need at least 2 electronic payslips.
For what it's worth, you're legally entitled to receive payslips if you request them.
The CBA will accept the letter if it's combined with a second verifiable document such as:
* Tax return or PAYG Summary (group certificate) - this isn't going to work because it's not relevant to your new job.
* Employment contract.
* 1 electronic payslip less than 2 months old.
Otherwise you need at least 2 electronic payslips.
For what it's worth, you're legally entitled to receive payslips if you request them.
Pete that info isn't up to date...
Full-time & Perm Part-time (base no overtime/allowances)
Use one of the following options:
1.Three months' salary credits to an account
2.One payslip
3.Employment contract or letter from employer detailing current base wage and PAYG payment summary or tax return.
No longer need two payslips and employment letters/contracts are to only be used with group cert or tax return.
Casual, allowance & overtime
Use one of the following options:
1.Three months' salary credits to an account
2.One payslip showing > three months YTD income
3.One payslip showing < three months YTD income and PAYG payment summary or tax return
4.Letter from employer or employment agency with current employment/length of employment and break up of YTD income and PAYG payment summary or tax return
Outside of this would have to be accepted by HLDC.
So you're dodging tax then. Nup, can't help you!
Just because someone is paid via cash and not direct deposit doesn't mean they're dodging tax, although it is very common. Some people still operate this way not sure why.
OP if you're not declaring the income being earnt then no dice.
As stated you're entitled to a payslip.
ole skool, cash in an envelope with gross and net handwritten on the envelope. Those were the days.
Its very hard to verify today, especially if they also receive a hand written group certificate.
Employment by a family company usually requires confirmation by the family companies accountant, rather than just confirmation from the company owner/manager etc.
Its very hard to verify today, especially if they also receive a hand written group certificate.
Employment by a family company usually requires confirmation by the family companies accountant, rather than just confirmation from the company owner/manager etc.
Thanks for the replies guys. Just to clarify, I have asked my employer for the previous payslips and this won't be an issue. My only concern now is not having a record of the income transferred to my bank account but I can get this done for all future pay.
I just wanted to know if there was an alternative to waiting another 3 months for income to be paid into my account in order to have 3 months worth of transactions.
I just wanted to know if there was an alternative to waiting another 3 months for income to be paid into my account in order to have 3 months worth of transactions.
Hi Brady,
What happens if a employment letter/contract is provided but the job was commenced after the start of a new financial year and it isn't tax time yet, hence no group cert or tax return?
Base f/t or p/t - would either need 1 payslip or 3 months salary credit
casual, allowance or overtime - 3 months salary credit
outside of these would need to be accepted by HLDC (home loan decisioning cell)
80% LVR or under.
Than as long as you can show 3 month credit into a bank account it be ok.
OP stated cash, assuming not going into account.
It's a top up not new loan.
As long as proposed borrower is not a directors/shareholder/secretary of the business that he works for then this is fine. Husband/wife is different.
You can turn an electronic payslip into a printed one by selecting 'File' then 'Print' in your browser. That's pretty much the difference.
