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CBA's temp work policy

Discussion in 'Property Finance' started by albanga, 22nd Apr, 2016.

  1. albanga

    albanga Well-Known Member

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    Hey Brokers,

    What is CBA's policy on temp work as I want to know to what capacity I can use my wife for servicing?

    She is temping through an agency, 1 year contract through to December (although its only a matter of time before they make her perm). Contract is 4 days per week although they are constantly asking her to work 5 and she is getting paid OT.

    In the same industry for the past 6 years, been in this particular job since December but before that had 3 months off.

    Thanks in advance
     
  2. tobe

    tobe Well-Known Member

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    Just curious, how are you going to use this information? Without the CBA servicing calculator its pretty meaningless isn't it?

    FYI, there's be a good chance they would take the last 3 months annualized at 100% and the OT at 80%. Working for an agency is the same as casual employment, except for westpac, who wont use agency income at all.
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Do we need the gritty detail @albanga ? (Only joking)
     
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  4. albanga

    albanga Well-Known Member

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    I dont want to know how much I can service, I just wanted to know if they would accept it. From your reply though it seems they will :)
    Thankfully we are not with Westpac!!!!

    Cheers @tobe
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Payslips and a copy of the employment contract and they should be fine. They probably won't accept the extra day very easily though. We were recently asked for 12 months of bank statements to verify extra income.
     
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  6. albanga

    albanga Well-Known Member

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    The extra day I am not too fussed about, we are about to take a 10 day holiday which she will not get paid for so I dare say when it comes time to annualise the payment it will probably come to the 4 days anyway.

    Interesting about the employment contract though because really all she signed was a very basic employment agreement, i had her send this to me and it actually made no mention of her days and rate! I'll ask her to follow them up and see what they have or if they can provide something a bit more substantial.
     
  7. bob shovel

    bob shovel Well-Known Member

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    I understand cba will use the normal time with 3mths payslips. 6mths will get you the 80% of ot.
     
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  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Cba are generally pretty good with contract employment - they will annualise the YTD income on the latest payslip
     
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