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LEZLI

2 years ago

yes. i've got a lender who'll do that, as long as you have ABN with GST registration. No problems. just contact me via my Profile. Love to help. Thank you

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Kenneth

2 years ago

Sourabh, Thank you for your question. I believe you may be referring to a family member who is working in the family business on a PAYG (wages) basis. If this is the case, some Lenders may consider the applicant to be self employed, however if it can be demonstrated that the applicant is independent to the business (no shareholding or directorship), then standard PAYG income can often be used. Given the employment is relative short term, it may be necessary to look at what the previous role was and see if this new role is a similar position / industry. Please check out my profile and give me a call if you wish. I am based in Western Sydney. Regards Ken Olds

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Scott

2 years ago

Hi Sourabh I have found in similar loans that provided the lender can see at least 3+ months of wage credits into an account along with pay slips and or group certificates / tax returns etc, then this is OK. Given the employee has only been there 5 months, I would suggest that the group certificate and or tax return wouldn't be useful, so the bank statements and payslips would be critical for any lender here. Scott

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Marios

2 years ago

Sourabh, it sounds like the family employee work for the family business, is this correct? The simple answer here is that the lenders need to verify that any income being earned from a non arms length employer is verified by a tax return. This confirms that the income is being earned and reported, however depending on the overall loan structure and goal, there is ways to overcome this issue and this requires a complete understanding of the scenario in order for a tailored solution to your problem. Although your question can have a simple Yes or No answer, your overall scenario isn't straight forward. Marios Rokka

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Nathan

2 years ago

Hi Sourabh: there are some lenders who may look at this (in fact, there is one lender that will look at 1 month ABNs). You may find though that the interest rates will be higher than the Big 4 Banks. Secondly, they may want to see former history of the business owner. This may work so I suggest you reach out to a broker. Cheers, Nathan.

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Thomas

2 years ago

Hi Sourabh Most banks require 2 years of ABN registration with at least 1 full year of financials including a tax return. There are some exceptions to this. If you'd like to chat further please complete a contact form and I'll be in touch. Regards, Tom, The Bearded Broker

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