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Settled Scenarios
GIG AND PART TIME INCOME

Investment purchase on two part time incomes

A part time cleaner and rideshare driver in NSW, buying an investment property on two income streams with no formal platform statements available.

$600k

LOAN AMOUNT

Investment

SECURITY

2 incomes

VERIFIED

THE STORY

The file, in three parts

What the broker brought, how the credit analyst read it, and what settled

01 · The challenge

The applicant worked part time as a cleaner and drove for a rideshare platform, and sought pre-approval to purchase an investment property in NSW. Neither income stream produced the evidence a standard assessment expects. The cleaning work was supported by two recent payslips, which showed the rate but not the pattern of hours across a year. The rideshare earnings had no platform statements available at all, leaving a real and regular income stream with no formal document behind it.

02 · How VMG assessed it

Human underwriting worked from the evidence that did exist rather than the evidence that was missing. The cleaning income was annualised from the two payslips on a 48 week basis, which built in an allowance for fluctuating hours and annual leave rather than assuming a full year at peak. For the rideshare income, seven months of personal bank statements showed the platform credits landing regularly, and an annualised figure was calculated from those deposits. The proposed rental income was taken from a rental appraisal and shaded at 80 per cent, and the negative gearing addback was included in the servicing position.

03 · The outcome

VMG assessed the file on two verified income streams and settled a $600,000 investment purchase. The applicant bought the property on income that was genuine and consistent, but that no standard document set would have demonstrated.

THE TURNAROUND

Before and after

The same file, before the refinance and at settlement.

BEFORE VMG

Two part time income streams, neither in a standard format.
Only two payslips available for the cleaning work.
No platform statements available for the rideshare earnings.
Rental income yet to commence on the property being purchased.

AFTER SETTLEMENT

Cleaning income annualised on a 48 week basis.
Rideshare income verified from seven months of credits in the applicant’s bank statements.
Rental appraisal accepted and shaded at 80 per cent.
Negative gearing addback included in the servicing position.

💡THE VMG COMMON-SENSE ADVANTAGE

Income that arrives without a payslip is still income. If the money lands regularly and the account shows it, there is usually a way to evidence it.

HOW IT WAS ASSESSED

Human underwriting

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.

Have a similar file?

Test the scenario with VMG credit before you lodge. VMG lends only through accredited mortgage brokers.

Test a scenario

Related

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FUTURE INCOME STREAM

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LOW CREDIT SCORE

Consolidating seven loans on a low credit score

Seven loans consolidated for a borrower with a low credit score, all repayments current, after the file had been declined elsewhere.

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CONSOLIDATED

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MONTHLY REDUCTION
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DEBT CONSOLIDATION

Consolidating eight loans after a separation

A tradesperson left solely responsible for eight loans after a separation, with repayments slipping as rates rose.

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LOAN AMOUNT

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CONSOLIDATED

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MONTHLY REDUCTION
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QUESTIONS

Frequently asked questions

It can be considered. Where formal platform statements are not available, credit may work from the deposits themselves, using personal bank statements over a meaningful period to establish that the income is regular and ongoing. The longer and steadier the record, the stronger the position. Talk to your BDM about what a particular file will need.
Credit will annualise on a basis that reflects reality rather than the best case. A common approach is to work on fewer than 52 weeks, which builds in an allowance for leave and for quieter periods, so the figure used is one the applicant can sustain rather than one they hit in a good month.
No. Multiple income streams are common and are assessed on their merits. What matters is whether each stream can be evidenced and whether it is likely to continue. A file with two documented part time incomes is not weaker than a file with one salary, it simply takes a person rather than a scorecard to read it.

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.

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