• April

    21

    2016
  • 957
  • 0
Your wages may not be as high as you think when applying for a home loan

Your wages may not be as high as you think when applying for a home loan

wages loan approval amountMany people are unaware of how the banks will calculate your income. They assume it will simply be their annual salary or their last payslip x 52. But this is not always the case.

Lenders use a multitude of formulas to calculate how much you earn and thus determine your borrowing capacity

A commonly used approach is to view the year to date figure at the bottom of your payslip.

Using this knowledge of how banks will view payslips, we assist all our customers to prove their income correctly according to each lender’s criteria.

Have you been on unpaid leave? Recently had a pay rise or had another out of ordinary event in the past financial year?

At Bee Finance Savvy we are highly attentive to both what you advise us, and any discrepancies in the documents you provide us. We will work with you to ensure that your case is thoroughly and correctly explained; in order to avoid you having your loan amount downgraded due to mix ups with the lender’s credit department (whom without proper explanation will ignore what they have been told your income is and instead work purely off their formulas).

If you want to ensure that your pay is correctly articulated to the lenders, in order to maximise how much you can borrow, contact Bee Finance Savvy on 1300 140 554 or enquiries@beefinancesavvy.com.au

See what other happy customers have said about us here –

https://www.womo.com.au/reviews/Bee-Finance-Savvy-Miranda

You may also enjoy – https://beefinancesavvy.com.au/looking-to-consolidate-debt-but-not-sure-where-to-start/

© Copyright 2018 Bee Finance Savvy