Residential Income Matrix

Transcription

1 Income Matrix SmartSuite Residential Income Matrix Should you have any queries regarding the submission of a loan, please contact Partner Assist on PAYG salary Full time, permanent part time, and contract workers: minimum 6 months in current job; or must be currently employed and working in the same industry for 12 months probation acceptable subject to minimum 2 years in the same industry* Casual, second jobs and temporary workers: *subject to LMI approval if applicable minimum 12 months in current job; or must be currently employed and working in the same industry for a minimum of 2 continuous years* for non-permanent and casual employees, is to be calculated on the current YTD figure (excluding bonus and/or commission ) and annualised over 48 weeks Plus any two of the following: 1 payslip less than 60 days old; (2 may be used) 3 months bank statements reflecting regular salary credits evidencing name of employer; letter from employer less than 60 days old on company letterhead with ABN, signed & dated most recent PAYG payment summary most recent ATO tax return; most recent tax assessment notice; copy of current employment contract 100%

2 Second job As per PAYG salary As per PAYG salary As per PAYG salary Self-employed Sole traders, company directors, partnerships & subcontractors: must be trading for a minimum of 2 years (applicants and securities must be in individual names) Sole traders: The two most recent personal tax returns together with the notice of assessment Partnerships and Company Directors: Two most recent business tax returns* and supporting financials reflecting two years trading; Most recent year s figures are to be used to assess except when there has been an increase in net of more than 20% on the previous year, where the average of the two years should be used. AND The two most recent personal tax returns together with the notice of assessment * NB where returns are not prepared by a registered tax agent/accountant, a business assessment notice is required. Self-employed add backs The following items can be added to after-tax profit for sole trader, partnership & directors: abnormal expenses (items not likely to occur in the future) interest on refinanced debt (debt must being refinanced by new loan) As per self-employed 100% The following items can be added to after-tax profit for sole trader, partnership & directors : depreciation (must be depreciated on the profit and loss statement) As per self-employed 100%

3 Car allowance* Must be permanent part of Evidence must be provided that clearly demonstrates the consistency and amount of payments being made/received This may be done (where appropriate) through one of the following:. Commitments (e.g. lease/hire purchase payments and running/maintenance costs) must be included in serviceability Company car or car in salary package Allowed, provided it is part of employment contract/condition. Vehicle must be fully maintained (e.g. insurance, registration, petrol, maintenance and running costs) with no restrictions on personal use payslip PAYG payment summary most recent taxation return letter from employer $5,000 included as aftertax add back Superannuation payments Other salary sacrifices Permanent allowances Only super amounts above legislation requirements may be added back Allowable for ongoing payments e.g. district, location, dangerous condition allowances NB: payments for reimbursement of expenses are not acceptable e.g. travel, meal. Note: It is accepted that overtime and shift allowances for essential services such as ambulance, fire, police, nurse etc. is a condition of employment and ongoing, therefore no confirmation from employer is required in these cases. 100% of excess added to taxable 100% added to taxable Permanent overtime Must be regular for a minimum period of 12 months and a condition of employment. Confirmation from the employer that overtime is a condition of employment must be obtained.

4 Commission payments Bonus payments Applicant(s) employed by family Rental Must be permanent part of and been constant for at least 2 years with the current employer. Confirmation from the employer that commission payment form part of the applicants must be obtained. Must be a permanent part of and have been constant for at least 2 years with the current employer. Confirmation from the employer that bonus payments form part of the applicants must be obtained. As per PAYG salary Most recent ATO notice of assessment And either of the following: most recent taxation return Income tax return; or PAYG payment summary If a range is quoted the Untenanted Property: lowest value is to be used. Where a rental guarantee exists, the market rent as specified by the valuer is to be used. Display/exhibition homes with lease back arrangements, the market rent as specified by Any one of the following: A valuation by a registered valuer stating the market rent; Rental appraisal from a real estate agent or licensed valuer. 90% of the lesser of the past 2 years added to gross 80% of the lesser of the past 2 years added to gross 80%

5 the valuer is to be used. Tenanted Property: National Rental Affordability Scheme (NRAS) homes use the lower of actual NRAS rent or NRAS rent as specified by the valuer. Any one of the following: Current rental statement or rent receipts from the Real Estate or Managing Agent; A valuation by a registered valuer stating the actual rent; Copy of the signed current lease/tenancy agreement; 6 months statements showing consistent/regular rental payments; or Current ATO tax return. Commercial Rental Income Family tax benefit part A & B Centrelink longterm pensions Subject to the lease having a minimum of 12 months to expiry. Can only be used where the property does not form part of the applicant(s) business (e.g. rented to a related business entity) Must be entitled to receive the benefit for next 5 years (e.g. children under 13 years) Acceptable where pension is long term (excludes unemployment benefits) A copy of the current formal lease agreement Either of the following are required: Statement of benefit from Centrelink (dated within the last 60 days); or 6 months statements confirming payments 70%

6 Child Care Benefits Can only be utilised in instances where Child Care Expenses are disclosed in serviceability Child support/ maintenance Must be registered with the Child Support Agency and permanent for the next 5 years (i.e. child under 13 years) Both of the following are required: Child Support Agency assessment notice; AND 6 months statements confirming regular payments

7 Royalties, interest, annuities, distributions from property trust/s and other sustainable from investments Acceptable, provided it is sustainable over the long term. NB: Redeemable deposits, such as funds held in at call accounts are not acceptable Any one of the following: Copy of statements from investment manager or broker showing past earnings and current holdings; Current tax return; Letter from accountant stating net benefits and period of benefits. Share dividends from publically listed companies, Company must be listed in ASX200 at the time of application. Confirmation of ASX200 listing to be retained on file; 90% added to gross And any one of the following: Copy of statements from investment manager/broker showing past earnings and current holding Current tax return Managed or Self- Managed Superannuation/Pri vate Pension Income Acceptable provided sustainable over the long term. Managed Super fund A current superannuation fund statement (less than 12 months old) 100% added to nontaxable AND Bank statements (most recent statement no greater than 30 days old) showing the regular from the superannuation investment over a 6 month period. Self-Managed Super Fund Audited Financial

8 Statements (including Profit & Loss and Balance Sheet) and Tax Returns (no greater than 18 months old) AND Bank statements (most recent statement no greater than 30 days old) showing regular from the superannuation investment over 6 month period.