How do you assess employment (PAYG) income for consumer car loans?
Applicant must earn gross annual income >$45k pa. Income includes overtime, commission, bonuses and supplementary income (child support, Centrelink, rental income etc).
PAYG Car Loan 1, 2, 3, 4, 7 & 8:
-
Full & part time: 3 months of continuous employment with current or previous employer.
-
Casual: 6 months of continuous employment with current or previous employer.
PAYG Car Loan 5 & 6:
-
Full & part time: 3 months of continuous employment with current employer.
-
Casual: 6 months of continuous employment with current employer.
PAYG borrowers under 25:
-
Full & part time: 3 months of continuous employment with current employer.
-
Casual: 6 months of continuous employment with current employer.
Income verification:
-
PAYG: Latest 2 payslips
- Bank statements: Electronic personal bank statements for last 90 days, except for Car Loan 1, 2 & 3.