Bonus income is the extra income that you gained from the outstanding performance. Depending on your company, the bonus income can be paid monthly, quarterly or yearly.
With monthly and quarterly bonus income, you can borrow up to 95 per cent depending on your employment history. Letter of employment may be required to confirm the regular bonus income.
If you receive your bonus income annually, the lenders may require you to be with the same employer for minimum 2 years.
To the banks, bonus income is not reliable or predictable because you can only receive it when you made the outstanding performance or meet the target. Therefore, not all lenders will take the bonus income in the assessment.
The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.