This article outlines key considerations to calculate your client's serviceability when applying for a personal loan or auto loan with NOW Finance.
Income
The following income sources are considered when calculating serviceability:
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100% of overtime
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80% of commissions/bonus income (must be paid monthly)
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90% of rental investment income
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Centrelink and/or child support (up to 50% of total application income)
Note: NOW Finance will consider general pension, carer’s pension, disability support pension, aged pension, family tax A and B, rent assistance and child support payments
Payslip and Bank Statement Requirements
| Auto Loans (Premium Tier, Tier 1 and 2) |
Require 1 payslip dated within 30 days of the application submission. Income will be calculated off the net YTD income. If the YTD income is less than 45 days, NOW Finance will calculate the income from the base annual salary or the base hours. Subject to assessment and capacity, further payslips may be requested. |
| Personal Loans and Auto Loans (Tier 3 and 4) |
Income will be calculated from bank statements. NOW Finance will calculate the average income from the last 90-day salary credits. |
🖱️Access the Serviceability Calculator
Servicing
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If your client's partner is employed and contributes to the accommodation expenses, NOW Finance can split the mortgage or rent repayments up to a maximum of 50%
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NOW Finance only requires your client's share of the monthly living expenses.
🚗 Auto Loans
When possible, income will be calculated from the YTD income on the most recent payslip