Life doesn't always fit into a box and neither should your home loan

Do you work overtime, or earn penalty rates? Do you work casual shifts? Maybe you salary package your income?

If you answered yes to any of these questions, then your work life is probably a little different to people who work in a ‘traditional’ nine to five role.

When it comes to applying for a home loan, some banks don’t understand that not everyone is paid the same each pay day – and that can make your home loan application with them complicated.

At BankVic we get it and we’ll make sure you’re not made to fit into the same box as everyone else.

We help police, emergency and health workers get home loans every day and we are committed to helping our members find a home loan that fits. Here are some of the ways we make it easier for you:

Helping you use your overtime to increase your borrowing power

When applying for a home loan, some banks ignore your overtime altogether however we include up to 100% of your overtime and penalty pay as part of your overall income when assessing your borrowing capacity, which means you can potentially borrow more - or buy your first home sooner.

Helping you buy sooner

Many banks require home buyers to save at least a 20% house deposit to avoid paying Lenders Mortgage Insurance (LMI), an expensive one-off payment that protects the lender if you can’t make your repayments. At BankVic, police, emergency, and health workers are only required to have a 10% deposit to get a home loan, without the need for LMI – bringing you closer to buying your first home or upgrading to a bigger home.

Helping you to maximise your salary packaging

While some banks assess your salary packaging as an expense on your home loan application, at BankVic we consider this part of your income as tax free which may increase your borrowing capacity, and if you’re buying your first home, this may mean you could buy it earlier.

You can also optimise your salary packaging to pay your mortgage by dedicating up to $9010¹ of your pre-tax income a year to your mortgage repayments. It’s a great way to save on tax and can help you reduce the term of your loan.

Helping casual workers to get home loans

If you’re a casual employee, you’re also eligible for home lending. We look at your past two annual group certificates to confirm your income stability over time.

So if your life doesn’t fit into a box then come and talk to us at BankVic. We’ll help you every step of the way on your home loan journey, whether you’re a first home buyer, refinancing or upgrading, so you can do what you do best, looking after the Victorian community.

1. https://www.ato.gov.au/. Normal lending criteria apply to all loan applications. The information in this article is general in nature and does not take into account your personal situation or needs. Please consider whether it is appropriate for you before acting on this information.