How long do banks need you to hold a second job (part time) for them to count it towards your income. 3,6,9,12 months?? What about lenders like Liberty? The loan will be in individual name.
Some lenders are ok with second income ( casual is case by case) and depending on which bank, some requires first payslip only while some requires 3 months. No need to go to liberty. Might be a little more strict if it'd an LMI deal.
I already have a loan with Liberty. My current situation: Salary 83k HECS debt Investment Property 1 Val 350k loan 290k (BOM) Investment Property 2 Val 400k loan 313k (BOM) Investment Property 3 Val 385k loan 293k (Liberty) yearly rent $46,500 Yearly mortgage $48,500 I want to buy a PPOR now at around 600k. All loans have gone through a broker but I’ve been advised I have to hold a part time job for 12 months for banks to count it. What banks would accept 3 months or one pay check? It would most likely have be an LMI deal as I don’t have much savings. Would like a second opinion on what my broker has told me.
How much would I need to earn through my second job for the big 4 banks to lend me 600k from my current position?
