Home Loans with Your Commission Income

2010 March 4
by iggy

You want to buy a home but currently do not have enough money to do so.  So you think of purchasing one with the help of a loan.  The type of work that you do and the salary that you get is based on commission.  Hence, your salary is not regular and there are highs and lows in your earnings.  However, it may be the case that you are earning a high income, sometimes a whole lot more than a PAYG worker.

The problem with purely earning commission income, is that most banks and lenders consider you as a risk.  This is because your earnings from commission are unreliable and constantly fluctuates and if you are unable to get any commission income earnings you will not be able to make the necessary repayments for your loan.  However, it is good to know that there are banks and lenders who are willing to take a risk.  They will grant your loan even if you earn solely commission income.   However, finding who these banks and lenders are can pose a problem, as because of the risk involved, there are only a handful of them out there.  This problem can easily be remedied by contacting the experts on home loans.  They can lead you to the lenders who are more likely to be open-minded and grant your home loan.  The only factor that these types of lenders may consider is that you submit a copy of your earnings from commission.  They would like to see how regular your commission income is, and if you will be able to make the loan repayments.

Hence, if you are earning commission income feel free to get a commission income loan, and be assured that your chances of the loan being granted are reasonably high.

One Response leave one →
  1. July 15, 2015

    Auto finance is what I do for a livnig and it a lot of it will depend on how many payments you made before you refinanced.If you made at least 12 it will help a lot, if you made less then 12 it will still help but not significantly.

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