- The customer’s ABN must be active for a minimum of 24 months.
Options to Verify the Client’s Income:
Option 1: We will accept Illion business bank statements with the individual Notice of Assessment (NOA).
Option 2: Latest BAS statement and the individual NOA.
Additional Notes:
Tier 3 and 4 Auto Customers: Must also supply their illion personal bank statements showing their monthly living expenses.
Business Income: Business income will not be included for servicing.
Notice of Assessment (NOA):
- The applicant’s personal NOA from the Australian Tax Office must not be older than 21 months.
- Servicing will be calculated based on the income declared on the NOA.
Addbacks and Depreciation: Interest and depreciation can be added back for sole traders and partnerships, a full individual tax return is required when adding back.
Only consumer debts are required to be expensed. Debts listed under the business name will not be expensed as consumer debts.
Illion Bank Statement Link:
- The Illion link will be sent to the customer if the broker clicks the “Request Bank Statement” button in the application.
- If the application requires bank statements for assessment, the system will automatically send the Illion link to the customer if:
- The application is submitted to credit without bank statements uploaded, and
- The Illion Document ID is not added to the application.
If the customer is self-employed and chooses to provide the BAS statement and NOA:
- Upload the BAS and NOA to the application.
- Ensure you select “NOA” and “BAS” as the document types. Otherwise, the system will automatically send the Illion bank statement link to the customer.