Commission Question

Viewing 5 posts - 1 through 5 (of 5 total)

destined_for_millions
Member
@destined_for_millions
Join Date: 2004
Post Count: 38
December 29, 2004 - 7:26 am
As i work in a sales position, approximately 1/4 of my wage is paid in commissions. I have recently talked to a mortgage broker regarding finance for my PPOR and it turns out i can’t get finance because i have only been in my job for 11 months, where they need 12 months commission to calculate an average. This is pretty annoying because settlement won’t be until April anyway… Does anybody know of any banks apart from the Adelaide Bank that will give me finance on 11 months commissions?
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
December 29, 2004 - 7:32 am
Ummmmmmmmm….. YES!
Most of them will do it. The thing is that they will most likely want to use your group certificate figure and apportion it accordingly to determine what you would earn over the whole year.
There are ways around this anyway.
Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au
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Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
scottalot
Member
@scottalot
Join Date: 2004
Post Count: 7
December 29, 2004 - 1:40 pm
I’m with the ANZ bank. They were more flexible for me but I did have to do alot more convincing before they would agree to give me the money. I switched from Westpac as they were stuffing me around.
Scott Bevis
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
December 29, 2004 - 1:42 pm
ANZ’s serviceability is much higher than most. There are more flexible lenders who will lend you more.
Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au
FREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
December 31, 2004 - 7:27 am
If settlement is in April, why not just wait a bit? Most pre-approvals are only valid for 3 months anyway (but can be easily extended). You still have plenty of time.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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