How Lenders Assess Professional Income
A good salary does not always translate into a simple application. These are the pieces lenders look at closely.
High PAYG income
A large salary helps, but lenders also look at your commitments, your existing debt and how they test your repayments.
Bonuses and variable pay
Some lenders count part of a bonus, commission or overtime, usually once there is a history. How much they count differs by lender.
Partnership or practice income
If you are a partner or run a practice, your income may come through distributions or an entity. Lenders read that differently from a payslip.
HECS/HELP
A HECS/HELP balance can reduce what a lender lets you borrow, because the repayments count against your income. Lenders treat it in different ways.
Lenders Do Not Treat Professionals the Same Way
Some lenders have a specific policy for certain professions and some do not. Policies vary by lender and they change, so we check them for you rather than assume. You get the options that suit your numbers, not the ones that sound good in an ad.
Planning Around a High Income
Building a portfolio
A high income gives you room, and the order you borrow in decides how far it goes. See property investors and portfolio builders and investment loans.
Refinancing and rate reviews
Your loan from three years ago may not suit you now. A regular check is quick. See refinancing.
Checking borrowing capacity
Try the borrowing capacity calculator. It gives an illustrative scenario, not a prediction. Our article on what quietly reduces borrowing capacity is worth a read first.
Common Questions
Will a lender count my bonus?
Some do, in part, and usually with a track record. It varies by lender, and we check how each one treats it for you.
Does my HECS/HELP debt matter?
It can. The repayments are counted as a commitment, so it may lower what you can borrow. Lenders handle it differently.
Are there special deals for doctors or lawyers?
Some lenders have policies for certain professions. They vary by lender and we check what applies to you rather than promise anything up front.
How long does a first conversation take?
About 15 minutes. We talk through your income, your goals and what you already have, then tell you honestly what we would look at next.
