Do banks call work to verify salary?

Discussion in 'Loans & Mortgage Brokers' started by tangy, 29th May, 2019.

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  1. tangy

    tangy Well-Known Member

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    Found answer please disregard
     
    Last edited: 29th May, 2019
    tangy, 29th May, 2019
    #1
  2. Air_Bender

    Air_Bender Well-Known Member

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    When I applied for a PPOR loan they only asked for a couple of payslips and bank statements. But when I applied for an IP loan they asked for the payslips and also called my workplace to check my employment status.

    Probably best to check with your broker.

    Good luck.
     
    Last edited: 29th May, 2019
    Air_Bender, 29th May, 2019
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes do sometimes
     
    Terry_w, 29th May, 2019
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    some lenders have a rigorous policy and call for a verification every time

    tend to be non banks .........

    Others will make a call for all loans with LMI attached, and some will confirm where something doesnt quite fit

    ta

    rolf
     
    Rolf Latham, 29th May, 2019
    #4
  5. Propagate

    Propagate Well-Known Member

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    Twice my old employers have been called, both times it was very close to settlement day as well from memory. I don't think they asked salary but they did ask if I was full time staff employed.
     
    Propagate, 29th May, 2019
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  6. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Some lenders will call to verify that you work there, but they generally don't ask about your salary. It's an employment check, not a salary check.

    If you're thinking of faking your payslips, don't. The various accounting packages that issue payslips have known formats which lenders use pattern recognition to verify. If your payslip doesn't conform, it may raise a red flag and they'll cross reference to other documents to verify the payslip. There's more than one way to verify your income from the documents you provide and lenders look at all of them.
     
    Peter_Tersteeg, 29th May, 2019
    #6