Connective Essentials is here to support business owners in realising their home ownership goals sooner with simple verification requirements, including our latest enhancement where we now only require a lodged one-year tax return for self-employed income where the LVR is 80% or below.
We now only accept a one-year lodged tax return to verify self-employed income for applications where the LVR is 80% or under.
The one-year tax return must be accompanied with confirmation that it has been lodged – this can be either from their accountant or from the ATO.
The two-years financial statements can continue to be used to verify only self-employed income for home lending where the LVR is above 80%.
The latest version of the Advantedge Serviceability Calculator (V52) is now available with a new drop-down selection available for ‘Single Year income’.
Updated credit guidelines will be available from Friday 21 March.
If you provide two years’ financial statements and want these to be assessed based on the most recent year, this option is still available when you provide commentary outlining why recent performance is a more appropriate indicator of future performance – as you do today.
Reminder: 2024 financial info required from 1 April!
From 1 April 2025 we now require an applicant’s 2024 financial information to verify their self-employed income.
- Where the LVR is 80% or below, this must be their 2024 tax return.
- Where the LVR is above 80%, this can be either their 2024 tax return or financial statements (profit & loss).
To verify director’s wages, we only need six months (180 days) of information in the form of either:
Note: We cannot accept payslips to verify director’s wages.
