CBA – Solutions for “Out of the Box” incomes.
Not everyone’s income position is straightforward, and it’s common to have an unconventional source of income or to change employers at any given time. Instead of turning away customers until their employment history is long or standard, CBA are committed to finding solutions to work with their clients when other lenders may not.
Here’s a few ways where CBA are more accommodating.
Just started a new job? No problem!
Ordinarily one would be expected to demonstrate a reasonable length of tenure in a position before being able to apply for a new finance application. Here is where CBA is a little lenient.
For PAYG: CBA require only one acceptable pay slip less than six weeks old.
For Casual:CBA require only one acceptable payslip showing three months of YTD income.
Still on probation? It doesn’t matter!
A probationary period is standard in many positions, usually for a three-month term, but during this time most lenders will not accept an applicant’s income for a finance application. However, being on probation is not a hurdle for CBA customers. Instead, they will consider an applicant even if they are still on probation giving an option to many who would unlikely be considered elsewhere.
Self-employed for just a couple of years? They’ll work with that!
When transitioning from PAYG to self-employed it can take a few years to demonstrate stable income and most lenders require at least two years financials to be used for servicing. Usually a bank will average out the last two years taxable income or simply use the lesser year’s figure. This is not ideal for a new business that is still growing. Although CBA does request to see two years financials, it will take the last year only for servicing. This is ideal for a new and growing business owner whose income position is strengthening from year to year.
Have an unconventional income source? They’ll probably take it!
Apart from salary income there are many other ways applicants may source funds. Some standard types include child support, pensions, government benefits and investment income. What sets CBA apart is their willingness to consider less common forms of income, including Paid Parental Leave, Worker’s Compensation and Scholarship income to name a few. This shows their willingness to work with applicants and their own unique circumstance to provide a favourable outcome for all.
It’s not a “one size fits all” when it comes to where a customer derives their income from, how long they have been in a position and their employment status. CBA clearly want to work with applicants to find a solution that works yet is at the same time realistic.
But wait there’s more. Did you know that CBA are offering a $2000 cash back incentive to refinance? What’s not to love about that?
For more information about how CBA can work with your income status to make your finance dreams a reality contact the Blackburne Mortgage Broking Team.