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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.
Hi all,
Another question, is a letter of employment from a new employer (almost 3 months) sufficient to prove income for a CBA top up loan? It's a relative's business so I have been receiving cash and don't have any payslips.
Please advise if CBA would be ok with this.
Thanks,
Eddie
So you're dodging tax then. Nup, can't help you!
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.
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?
Hi all,
Another question, is a letter of employment from a new employer (almost 3 months) sufficient to prove income for a CBA top up loan? It's a relative's business so I have been receiving cash and don't have any payslips.
Please advise if CBA would be ok with this.
Thanks,
Eddie
80% LVR or under.
Than as long as you can show 3 month credit into a bank account it be ok.
Eddie - is there a reason why it needs to be CBA by the way?
I havent done an 'employed by relative' loan with CBA for a while. How does CBA verify these lately Brady?
What is an "electronic" payslip, how does it differ from a printed paper payslip?
What is an "electronic" payslip, how does it differ from a printed paper payslip?