Annualise weekly, fortnightly or monthly income.
If you have started a job partway through the year, work irregular hours, or are paid weekly or fortnightly, your year-to-date figure is not your annual income. Annualising projects it forward on a consistent basis, which is how a lender will look at it and how you should look at it when testing affordability.
Not all income is treated at full value. Overtime, bonuses, commission, casual earnings and second-job income are commonly shaded — counted at a percentage rather than in full — and how much varies by lender and by how long you have been receiving it. Two lenders can assess the same payslip differently, which is a large part of why borrowing capacity differs across the market.
Where a meaningful share of your income is variable, the presentation of the application matters. A consistent history, evidenced clearly, is what allows a lender to count more of it. Approval and income treatment are always subject to the lender’s assessment.
A calculator gives you a starting figure. What a lender will actually approve depends on your income, expenses, credit history and the property, and it varies between lenders. We compare more than 40 lenders on our panel and will tell you where you genuinely stand — see our home loan, refinancing and car loan services, or the suburb pages for Werribee, Tarneit and Point Cook.
Usually at a discounted percentage, and often only with a consistent history. The treatment varies by lender.
Often yes, though lenders generally want to see a period of consistent earnings in the role. Requirements differ between lenders.
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