THE STORY
What the broker brought, how the credit analyst read it, and what settled
01 · The challenge
The applicant had moved from PAYG employment to running their own business, with only eight months of ABN registration behind them. Income was rising, but there were no tax returns yet and nothing like the two years of financials most lenders ask for. To an automated assessment, eight months of self-employment reads as no verifiable income at all.
02 · How VMG assessed it
VMG accepts newly self-employed applicants from six months of ABN registration, so the file cleared the threshold on registration alone. Income was verified through the Alt Doc pathway: business bank statements showing the actual trading pattern, supported by an accountant’s declaration. A credit analyst read the income as it was being earned, month by month, rather than waiting for a tax return to describe it a year later.
03 · The outcome
A $750,000 loan at 80% LVR, VMG’s maximum. The applicant did not have to put their purchase on hold for two years of financial history; the file was assessed on the business as it was actually trading.
THE TURNAROUND
The same file, before the refinance and at settlement.
BEFORE VMG
AFTER SETTLEMENT
💡THE VMG COMMON-SENSE ADVANTAGE
HOW IT WAS ASSESSED
Every file is read by a credit analyst, not scored by a system. There is no credit scoring, and no DTI or DSR ratio applied. The product and the terms depend on the individual file, so talk to your BDM about where a similar scenario fits.
Test the scenario with VMG credit before you lodge. VMG lends only through accredited mortgage brokers.
Related
QUESTIONS
All applications are subject to Victorian Mortgage Group’s standard credit assessment and lending criteria. Terms, conditions, costs and charges apply. This article is general information only and does not take into account your objectives, financial situation or needs.
Please allow our team 24-48 hours to review your documents and get in touch. For urgent assistance, call us at 8600 7900.
You can give us a call at 03 8600 7900 to clarify your questions.