Just a quickie….
Are you able to include ‘bonus’s’ as income when applying for loans?
Cheers
ETSome lenders will take this into account… you would have to have two year history to support future bonuses. e.g. if you have received a $10k bonus every year for the last 3 years then its likely that they will include this income.
Cheers
Stu
ET, Stu’s pretty spot on. Minimum 2 yrs under your belt and generally accepted by most.
However, if it’s paid quarterly or even monthly, dependant upon the type of work, it may be considered as “prop up” income to mitigate a shortfall in servicing and you may have success with even as little as 12 months, however would need good confirmation of this.
Lenders normally scale down the percentage of this figure to as low as 30%, depending on the nature of it, because of the potential of irregularity and dependancy upon the employee’s performance.
Hope this helps,
Regards,
RobRob Whyte
Certified Mortgage Consultant MIAAPrincipal & Licensee
The Mortgage Gallery
e [email protected]Winner 2004 National Office of the Year!
Accredited with over 27 lenders nationally. 15 years experience in commercial and residential lending, ask me anything, if I dont know, I’ll find out!
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