Pay increase question

Hi all,

Looking for some advice on my current situation. I am currently about to go through the process of gaining pre approval on an investment loan. At the moment my borrowing capacity is a little less than what I would require to get into the location I am targeting, however I am expecting quite a substantial pay increase in the next couple of weeks which will allow me to get into that location.

My question is - How many payslips with this revised pay increase would most banks want to see before they agree to increase my borrowing power? I'm hoping I don't have wait around for another few months and risk paying an extra 5-10% in this hot market.

 

It depends on the bank - some will want two full payslips others will consider it on existing payslips and new letter from employer confirming the details of the pay increase.

 

You'd be good with just 1 payslip and employment letter, you can have the 2nd payslip as a condition.

 

The first payslip is usually enough.

 

Who's the lender?
Consider the fact that you might already qualify for a higher borrowing limit with another lender.