Home Loan Advice for Employees

Working out your income to put into a home loan calculator can be more complex than you’d expect, and each bank has different rules for working out what they’ll use for your income.  Here is a list of various types of income which the bank may include, partly include or exclude when working out your income:

  • Salary earned where you have been employed less than 12 months
  • Salary earned during a probationary employment period
  • Overtime
  • Car Allowances
  • Loadings
  • Casual income
  • Part-time
  • Sessional (e.g teachers)
  • Centrelink
  • Government Family allowance
  • Investment income
  • Alimony from ex-spouse

How your bank treats these income sources can significantly affect how much you can borrow, or if you can borrow at all.

Key Finance has the calculators for each lender on our panel so we can provide you with more accurate calculations of how much you can borrow.