Hi All,
I recently started a new job a couple of months ago which is comprised of a base salary + commission.
I seem to be performing well above target. So much that my commission is pay is in between 1.5 and nearly 2 times my base wage. Over $4 k per month.
Now I wouldnt think I could get any worse at the job only better however I have been informed that banks need an enormous trail of commission as proof.
There must be a way around or some sort of method where I can use this cash to increase my borrowings. It seems like a big waste to me! If things keep going the way they are it would translate to $90k p.a.
Any advice or tips would be HIGHLY valuable.
Thankyou for your time.
Sash.
Want it. Own it. Enjoy it. Achieve it.
Since commission is varaible – it could be nil in some months couldn't it – the banks will need to see a long history of you receiving it before they will take it into account. You would need between 1 yr and 12 months history i think
Maybe you could convince your employer to change you to a higher salary component for a month or so until you get the loan and then back again.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
There is a lender that will consider this if you can show 3 months consistent income
CBA will also do it if the rest of the deal is strong.
Richard Taylor | Australia's leading private lender
Thanks guys.
It makes sense why banks need a decent amount of time/proof for them to feel comfortable to lend money for a project. I just wanted to know if there was any ways in doing it in a shorter time frame.
Cheers.
Sash
Sash – it is consistant with your previous income?
Yes my base is still the same. It's the extra commission that I need to ustilise on.
Cba
My current loans are with CBA. If there is something I can do, how would I go about it. What do I say to my broker etc? Questions to ask…
Thankyou very much
Sash you shouldnt have to ask your Broker.
If he knows his onions he should be telling you that CBA will do it standing on your head.
Richard Taylor | Australia's leading private lender
As of the end of September you can use the Year to Date on your payslip x 4 (you can work off YTD when more than one quarter completed). Broker Chanel at CBA is stricter than dealing direct.
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