Short YouTube video (December 2018) in which Aaron from Diagnostics and Finance explains how a 2019 pay rise affects the timing and evidence requirements for home loan applications. Covers differences for permanent full-time/part-time employees versus casual employees and practical next steps (gather docs, calculate, plan).
Hey there, Aaron from Diagnostics and Finance. Are you getting a pay rise in 2019? Are you a permanent employee or a partner home employee or just a casual employee with this pay rise? When can you go for a home application with your new income? Well, this is a good common question. I've got a couple of clients at the moment increasing their income going into the future, whether it's partway through next year, which a lot of them are around that end of financial year and some of them just after Christmas, which is coming into wherever their financial calendar comes into place. So when can you put it on your home loan application? Well, check out the video on the dangers of your payslip. And the main thing with permanent part time and permanent full time employees, we typically need the letter of offer and a payslip actually paying you at the new rate. With casual employees, it's a little bit different. Casual employees are always annualized. Some banks will look at the PAYG summary and their current annualized income and take the lower of the two. Some will just annualize as long as you've had it for more than three months. And there's some other differing policies out there. So it's really easy to use your pay rise when you are permanent part time or permanent full time. And it's slightly more tricky when you are casual. But it's all there. And if you do get the pay rise, let's jump onto it, do the calculations and put a plan in place. Let's see if we can put this extra income in to achieve your goals going forward. All right, it's Aaron Diagnostics and Finance. Talk soon.
