It is an important time for those who earn commission/regular performance income….

If you earn commission or monthly performance-based income, 01/10/2021 is an important date to mark in your calendar. At this time of year there are some banks who will project your entire years earnings based upon the first three months of the year. For example, if you earned $50K of commission/regular performance income by 01/10/2021, some banks would automatically use $200K as your income in the application. Other ways this type of income is determined are listed here:
·        Most recent six months of commission/regular performance income, multiplied by 2 x.

·        Most recent twelve months of commission/regular performance income.

·        Up to 31/12 using the prior financial year to determine the commission/regular performance income. Or only after 01/01, projecting the current financial year.

·        Using the lower of the prior financial year or projecting the current financial year.
As you can see from the above, there are plenty of different ways and banks who we can go to, so we can best verify your on-going income and at the same time get you the best rate by creating competition.

Commonly, if you have recently moved roles, a bank is unlikely to use your income history from your prior role even if it’s the same industry and/or role, however there are exceptions to this that can be made.


Written by Tom Morison

I have a genuine desire to create a strong reassuring sense of trust, confidence and satisfaction for my clients. It’s important that I provide you with the knowledge I have so you can make the best decisions for yourself with my guidance.
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