22/01/2014 4:08:36 PM
Have a client who wishes to purchase a property for $570,000 as an investment, so I/O repayments are required. Is an employee of the company he works at but is paid on a commission basis (does receive a base amount in case of a slow month but this is the first thing paid back each month when commissions are paid). So he is PAYG and receives pay slips, super, etc. How long in a commission based role does he need to be - 12 months or two years? What income level would you use - YTD annualised; average of last two years GC's; or compare YTD and latest GC and use the lower of the two?
Want I/O; 95% LVR; has $62K genuine savings.
What product can you offer and what would the rate be? Fees? Anything else I / you would need? Cheers.
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your mortgage scenario