Whether you wanted a home loan, personal loan or car loan, the first thing that a lender would ask you to do is to provide them with your payslip. This is because the lenders need to know your current income information before they decide to lend out any money.

Through your payslip, your lender can see not only your income but also your employment status, employment type, the stability of your income. This information is essential to determine whether you are suitable for a loan or not.

What payslip is not acceptable?

  • Your lender will ask you to provide your two most recent payslips. When they’re assessing your payslip, they will at several details. If your payslip does not have the following information, it may not be acceptable for the lenders:
     
    Your employer’s name
     
    Your employer’s Australian Business Number (ABN)
     
    Your gross year-to-date (YTD) income
     
    Your net income
     
    Any deductions, such as superannuation, salary packaging or HECS or HELP debt
     
    Your annual leave to confirm you’re a full-time employee

What if you don’t have a payslip?

  • Many time employers don’t provide payslip to their workers. One of the reasons is because they are paid in cash. So, what can you do if you don’t have a payslip?
     
    An accountant’s letter
     
    A letter from your employer
     
    Your most recent group certificate
     
    Three months worth of bank statements
     
    Your most recent tax return
     
    Your Business Activity Statement (BAS) if you are self-employed
    If you have any trouble with getting the above information, you can contact our partner company EndureGo at www.endurego.com.au. EndureGo is a CPA qualified tax accounting firm who offers total expertise in a comprehensive range of financial service.
    For more information, feel free to contact us throughout email at [email protected] or call us at 1300 680 477.