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All lenders must verify a borrower’s ability to repay a loan without experiencing hardship. During the application process, the lender will verify your income, which is usually done through providing payslips and bank statements (for PAYG borrowers). If you’re self-employed, through tax returns and/or a letter from your accountant.
If you’re a borrower with irregular income, such as a contractor or self-employed, and you don’t have up-to-date tax returns, you may not be able to verify your income according to the criteria of some lenders. In some cases, your income may require a different income verification process than a fully employed PAYG borrower.
