With the end of the financial year now behind us, there is an opportunity aviation professionals to maximise their borrowing potential. For the next few weeks the majority of home lending policy will permit the use of the final payslip from last financial year to be used as 'evidence of income'. For aviation professionals, this includes an entire years worth of continuing and regular allowances. Allowances which can sometimes be difficult to prove to the bank as regular income at other times of the year.
This window of opportunity is only open for several weeks, after which recent payslips from the new financial year will need to be provided. Now is the easiest time for aviation professionals to succesfully apply for a refinance or to seek finance for a home purchase.
Assessment of acceptable income is a key part of a Home Loan application. Different lenders have differing policy on, to name a few, bonuses, overtime, regular overtime, and allowances. Aviation Professionals such as Pilots, Engineers, and Flight Attendants have various forms of payments which can be unusal to other industries - such as DTA, Duty Meal Allowances, Overnight Payments, Layover Allowances, 'Day Off' payments, Check or Training additions to salary.
Combined with the recent RBA cash interest rate cuts, and our specialised lending in home loan products best suited to aviation professionals, it is the perfect time to reach out to us for assistance. If you would like more information you can contact us here.