Loans while on Jobkeeper

Discussion in 'Loans & Mortgage Brokers' started by Carol M, 16th May, 2020.

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  1. Carol M

    Carol M Well-Known Member

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    Location:
    Newcastle NSW
    Has anyone heard of lenders willing to count Jobkeeper as income, provided normal hours are worked?
    A broker firm recently told me some lenders may do this.They said normal weekly income would be counted for serviceability, even if jobkeeper is paid, provided the hours are not reduced. Sounds reasonable, but maybe too good to be true?
    My daughter is in this situation, was ready to apply for loan, deposit saved etc.
    then boss reduced hours for a month or so and got jobkeeper.
    He is about to put them back to normal hours, but is of course happy to take Jobkeeper for next 6 months.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    A few lenders are accepting Jobkeeper as an income source, but they will want to verify what the normal income is (they'll use whichever is lower).

    The lenders will also be making an assessment of the role, employer and industry. They don't want to provide a loan to someone who can't pay because their job ends the moment Jobkeeper ends.
     
    Biggbird likes this.
  3. Carol M

    Carol M Well-Known Member

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    Location:
    Newcastle NSW
    That's great. Would any of these lenders do a land purchase with construction contract @ 80% LVR, either for an investment property, or an owner occupied, AND with 5% genuine savings, and remaining deposit gifted by parents? Used to be not a hard thing to get, now seems outrageous to even ask :)
     
  4. Richard Taylor

    Richard Taylor Well-Known Member

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    Our office has just done a couple thru CBA so they might be a good starting point.

    Cheers


    Richard
     
  5. MTR

    MTR Material Girl Premium Member

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    I am very surprised are doing this, I assume there is sort of guarantee they will have a job to go back to??
     
  6. Richard Taylor

    Richard Taylor Well-Known Member

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    [ CBA Information Classification: Customer and Personal ]

    Hi Richard

    We can consider JobKeeper income

    JobKeeper Base – Full time and Permanent part time Income Types Required for Servicing Verification Requirements:
    • A copy of the customer’s payslip, dated before 30 March 2020, evidencing their full time base income; and
    A copy of the customer’s most recent payslip evidencing their JobKeeper income.
    Calculation Method:
    • You must adopt the lower of either the customer’s full income prior to 30 March 2020 or the JobKeeper payment.
    Other Special Notes:
    Comments must detail how you have calculated the income input into the application.
    Casual and Temporary Income Types Required for Servicing Verification Requirements:
    • Current requirements as per Eligible Income; and
    • Copy of the customer’s most recent payslip evidencing their JobKeeper income
    Calculation Method:
    Calculate your customer's previous income / role by verifying:
    • 3 months' salary credits to an account, or
    • One payslip showing > 3 months YTD income, or
    One payslip showing < 3 months YTD income and PAYG payment summary/Income Statement or tax return.
    Calculate customer’s current income using the JobKeeper income by annualising the weekly/fortnightly/monthly JobKeeper payment.
    Use the lower of the customer’s pre JobKeeper income before 30/03/2020 or the annualised JobKeeper income.
    Important Notes
    Comments must detail how you have calculated the income input into the application.

    Thank you


    For faster responses with file escalations in relation to an application in progress please call the CommBank Broker Support Hub on 13 25 88 quoting your Broker ID and BRN


    XYZ
    Senior Relationship Manager - Broker Direct
    Third Party Banking
    Retail Banking Services
    Level 19, 150 George Street
    Parramatta NSW 2150
     
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    They weren't wrong