Serviceability for Loan while on JobKeeper

Hi all,

If a permanent full-time role (pre-COVID) has been reduced to a permanent part-time role (with hours being reduced to match the amount of the JobKeeper payment of $750 per week), will the bank account for the full $750/week income in their calculation of serviceability?

Full background facts as follows:

1. Initial job in full-time capacity obtained in December 2019
2. 2nd permanent part-time role has been obtained since 1st FT role went PT
3. Both jobs currently being worked in a permanent PT capacity

I am going to be applying for a loan in circa 2 months and want to know if both permanent PT incomes are likely to be accounted for in their calculation of my serviceability?

Cheers

 

For Jobkeeper, some lenders will accept the income, some won't. Some are also starting to ask for an employment letter describing the current circumstances with assurances that you will be going back to work.

 

Thought that might be the case...

Any knowledge on Macquarie's approach?

 

Jobkeeper just means more questions. As do some occupations.

A Govt teacher is likely to face less obstacles than a travel agent.

 

Fair. Have you had any direct dealings with Macquarie in COVID, and if so, are you aware of their general approach?

 

I can confirm that Macquarie are actively doing employment checks. I can't give any certainty about their Jobkeeper policy though. If there's a choice, I'd delay applying for finance whilst on Jobkeeper.