If you are a police officer looking for a home or investment property loan, then some lenders may be more suitable for you than others, particularly those that will factor all regular overtime payments into your income.
If you are a police officer looking for a home or investment property loan, then some lenders may be more suitable for you than others, particularly those that will factor all regular overtime payments into your income. Arranging loans for police officers is one of our specialist services at Wilson Pateras.
Most lenders will only accept up to 80% of your overtime income when assessing your loan application. This can affect your borrowing power. However, some lenders in the market will consider 100% of regular overtime income. It is important to show that any overtime income you receive is regular over a 1-2 year period. Ways that you can demonstrate this are via your most recent tax returns and/or a letter from your employer.
If you do receive salary packaging benefits (such as a novated lease vehicle, clothing allowances or you make voluntary extra super contributions), then finding a lender who will consider those benefits when assessing your loan application can improve your borrowing power.
Some financial institutions may offer special loan products or low-interest rates to specific professions, including police officers. It is worth checking with various lenders to see if they have any exclusive offers.
Police officers should compare loan offers from different lenders to find the best terms and interest rates that suit their financial situation. Wilson Pateras can help you identify which loan is most suited to your circumstances.
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Level 1, 678 Victoria Street
Richmond VIC 3121
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This content has been prepared by Wilson Pateras to further our commitment to proactive services and advice for our clients, by providing current information and events. Any advice is of a general nature only and does not take into account your personal objectives or financial situation. Before making any decision, you should consider your particular circumstances and whether the information is suitable to your needs including by seeking professional advice. You should also read any relevant disclosure documents. Whilst every effort has been made to verify the accuracy of this information, Wilson Pateras, its officers, employees and agents disclaim all liability, to the extent permissible by law, for any error, inaccuracy in, or omission from, the information contained above including any loss or damage suffered by any person directly or indirectly through relying on this information.
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