Posts Tagged ‘proof of income’

Loans for those who Do Not Receive Payslips

March 25th, 2010 56 Comments
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Every person has a specialization and has a skill that he or she is good in.  These personal skills are usually the reason why they get hired in the first place.  The job may be a menial job, a job at a company, self-employment, project based jobs, seasonal jobs, and a lot of other options.  Different jobs of course mean different modes of payment.  For most employees, payslips are common and these provide the necessary information on how much income is received, any previous loans made, the status of the loans and similarly related items.

Payslips are often required by banks and lenders in order to approve different types of loans.  In order to avoid risk, they need a basis for granting their loan products, and the easiest way to assess these loan products is by requesting for payslips from those who receive them.  A problem then arises when those who are employed do not receive payslips.  Where there are no payslips to present, it becomes difficult to get approval for the loan as banks have no basis whatsoever for granting the loan.

However there are ways to prove that you indeed receive income and that you are employed.  The most common way is through an employment letter from your employer.  You may also choose to provide tax certificates or group certificates as proof of income.  For those who have property holdings, it is also possible to present the property’s assessment value you can also likewise present salary credits.

The more documents you can present, even without the existence of payslips, the more likely that your loan will be granted.

For more information on how to get a home loan without the use of payslips, it would be best to consult the experts on home loans.  They can provide you with the necessary information and advice, as to which documents may be acceptable to a particular lender or bank in order to enable you to have your no payslips home loan approved as soon as possible.

Loans with No Business Activity Statements

March 25th, 2010 25 Comments
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Individuals who are self-employed or who own their own business have the same dreams and aspirations as those who work at a company and are paid a regular monthly income.  In fact, they usually dream even bigger as they had the confidence to take as big a risk as setting up their own business.  However, when it comes to loans, those who are self-employed often have a hard time getting a loan in the first place.  With all the documentary requirements that banks and lenders ask for before a loan can even be processed, they may find it hard to comply with all the documents asked for, and this would result in their not applying for a loan at all.

The problem is that those who are self-employed especially if their business is new, have little to no documents to present as proof of income, and this proof of earnings is what banks and lenders give priority to.

This does not mean that those who are self employed can no longer get a home loan.  There are ways and means for these business owners to get a loan without having to comply with all the documentary requirements.  This is by applying for loans which do not require any Business Activity Statements (BAS) whatsoever.

The banks however do require an Australian Business Number or ABN and certain criteria such as being GST registered, and the requirement of having a good credit history, and you must have a business or job for at least one day.  This specific requirements are good for loans of up to 60% of the property value.

In order to get loans at higher amounts like 80% or even higher the requirements will necessarily differ.

For more information on how to get a home loan with No BAS it would be best to consult the experts on home loans.  They can give advice and help you apply for home loans which do not require you to submit any Business Activity Statements.  Hence, you no longer need to worry about where to look and find documents that you cannot provide, and rest assured that you have a good chance of having your home loan approved.