What is ‘income verification’?
- Posted in Getting Started
All lenders must verify that you can service a loan without experiencing hardship. Lenders verify your income to simply find out if you can afford the loan or not.
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 prime lenders. In such a case, your income requires a different income verification process than a fully employed PAYG borrower.