Changes to our Director’s Wages Policy

13th Mar, 2024 | Broker News, Select Product

Last year we simplified our policy by reducing the minimum verification period required for director’s wages to six months (180 days).

This has helped many of our self-employed customers realise their home ownership goals sooner and we’re continuing to support these customers by further simplifying our verification requirements for director’s wages.

What’s changing 

From Monday 18 March, we will now only accept the following to verify director’s wages:

  • a recent Australian Taxation Office (ATO) income statement showing a minimum of six months of income history, or
  • their most recent tax return.

Payslips will no longer be accepted.

Pipeline Applications 

  • Applications using payslips to verify director’s wages that were submitted prior to 18 March 2024 (including AIP) have 90 days to reach unconditional approval.
  • Applications using payslips to verify directoPipr’s wages that were submitted on or after 18 March 2024 will not be accepted.

Further Support

The Advantedge Guidelines Manual will be updated and available from Monday, 18 March 2024.

If you have any questions, please contact your Business Development Manager.

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