Getting Your Loan Approved with OzBroker
How Do You Secure Approval?
The key to having lenders validate your income is to choose one that perceives your circumstances positively. Submitting a well-rounded set of documents will assure them of your robust earning capability. For instance, if recent payslips reflect lesser income due to lack of overtime, presenting a group certificate and an employer’s letter could be beneficial.OzBroker specialises in facilitating loan approvals for those with unique employment situations and seeking unusual employment loans! We can assist you in evaluating loans from various lenders and pinpointing the ones with the most favourable interest rates and charges. Contact us at
0426667696 or fill out our
free assessment form today!
Who Can We Assist?
Whether you are on probation, a contract worker, self-employed, or a casual employee, we can guide you in finding suitable lenders and loans. We also help you obtain unusual employment loans for those relying on overtime, temporary or agency workers, and individuals with bonus income or in professional roles like doctors, dentists, lawyers, and more, who may qualify for special discounts. Rental and commission income earners and those on maternity leave can also benefit from our services.For more details or any inquiries, please don’t hesitate to call us on
0426667696 or complete our free
assessment form.
Unconventional Income and Employment?
Non-standard or fluctuating income is often associated with a typical employment, especially in sectors like government or sales, where bonus or incentive income is common. We are aware of banks that take these income variations into account, enhancing your borrowing capacity.
Why Does Employment Matter to Banks?
Many wonder why banks emphasise employment status. While property acts as security, banks prefer not to resort to property sales and strive to maintain responsible lending practices. They prioritise their reputation and require assurance of loan repayment, verified through your provided documentation relating to income and employment.
What Documentation is Required?
Australian lenders require proof of declared income on the application form, typically in the form of payslips, group certificates, employer letters, or bank statements. If you’re struggling with documentation, call us at
0426667696 or fill out our free
assessment form. Our mortgage brokers will help guide you to approval.
How is Your Employment Assessed by Banks?
When applying for a home loan, banks determine a credit score based on your risk level. Factors such as employment duration, industry tenure, default history of your profession, employment status, and income stability play crucial roles in this assessment. Each lender may have unique considerations as well.If you’re concerned about securing a loan due to your employment status, we recommend completing our free
assessment form or calling us on
0426667696 to discuss your individual circumstances.
Having a stable job is crucial!
You might have a substantial income, but if your job situation isn’t stable, it can be an issue.Does this resonate with you? If so, banks might be cautious about lending you money because they need to understand where your money is coming from.When you have a full-time job, banks feel more comfortable lending to you because they see your income as stable.Lending to people who may struggle to support a loan, particularly when borrowing more than 80% of the buying price, is risky.At OzBroker, we know which banks are likely to approve you considering your current job situation.Please fill out our no-cost
assessment form or ring us at
0426667696, and we’ll assist you in getting approval!
How do banks determine your income?
People with irregular employment often face difficulties with how banks assess their varying incomes each week.Banks usually adopt a cautious approach to calculate your income.For instance, if you submit two recent pay slips and a group certificate showing different incomes, they’ll consider the lesser amount, often ignoring your actual income!This is particularly true for those earning overtime, working casually, or those who’ve had a pay raise within the last year; they are often assessed at a lower income than what they truly earn.
How can OzBroker assist?
Our mortgage brokers are knowledgeable about bank employment policies and how they calculate your income.We can pinpoint the lender most suitable for your needs and present the appropriate documents to that lender for approval.The best part? We mostly deal with major lenders, meaning you won’t be stuck with higher interest rates!Contact us today at
0426667696 or fill out our no-cost
assessment form, and allow us to assist you in securing a home loan!
