Applying for a loan with a second job

Although having a second job means extra income, banks are usually quite conservative in their approach to calculating this income, and that is because it’s more susceptible to fluctuation.

• Lenders will view income earned from another workplace, that you earn, above normal hours as a second job.
• Although having a second job means extra income, banks are usually quite conservative in their approach to calculating this income, and that is because its more susceptible to fluctuation.
• Banks will also prefer to see that this second job is in the same industry as your main job, which is often why they see people working in retail, beauty, health services been the most likely to have second jobs.
• The length of time in your second job as well as the classification (part-time, casual) of the second job will also be relevant in the bank’s assessment of the job.

• Most banks take a conservative approach when they are calculating income you earn from a second job.

• Most banks will want to see that you have been in that second job for at least 1 year.
• The amount of income they use from the second job will vary depending on the bank; some may only use 50% of the total income you use from your second job whilst there are some banks that will use the entire income from your second job. The bank you use matters! We work with those lenders that will let you use your entire second job income, which could be the difference between your loan servicing or not!
• Most banks will also want you to provide your last 2 payslips from your second job with some also needing your most recent tax return.

Earning a second income should strengthen your application, and we can help you present it so that it does! Speak to one of our experts today and see how we can help you with your second job income!