We understand that Essential Service employees work long and sometimes unpredictable hours – and that this may appear as ‘overtime’ income in their pay. They may also be entitled to ongoing benefits that are classified as ‘allowances’. However, we realise that these additions to pay can be ongoing and want to make sure that their hard work can be realised when buying a home.
That’s why our policy allows you to consider overtime and allowances as standard PAYG income for Essential Service employees, where we can verify the last 180 days of payments received by the client. This may mean that a client’s borrowing power increases as we consider more than just their base salary.
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Eligible Essential Service occupations include: |
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Medical and Health Professionals include:
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We’ve also recently simplified the way we capture and confirm co-borrower benefit information when applying for a loan, making the process easier than ever for your clients and, of course, you!
We’ve simplified the language used in ApplyOnline and LoanApp, and introduced clarifying questions ensuring we’re obtaining the right information upfront and removing the need for an additional independent Co-borrower Acknowledgement form to be completed.
If you have any questions regarding our Essential Service and co-borrower application processes, or would like to discuss a client’s scenario, we’re here to help! Simply contact your Connective Home Loans BDM.
