Income Annualisation Calculator
Estimating your annual income for a residential mortgage is where our simple and free online tool helps project your earnings based on the income for the year. Input your net income from sources like gross wages, rental income, bonuses, and commissions for our calculator estimating projected revenue for the financial year.
How can our calculator help you?
Improve your borrowing capacity regarding property types and locations, as our assists in homeownership with an initial estimate of your earnings. The best part is our calculator helps estimate annual earnings, giving insight into how much lenders may offer based on your income, credit history, and living expenses in areas like Salamander Bay, Hamilton, and Medowie.
What is an Income Annualisation Calculator?
Also popularly known as a “Year to Date (YTD)” calculator, the income annualisation calculator is a tool for determining annual income based on income earned within a certain period. The YTD gross income figure is typically used based on the most recent payslip, group certificate, or ATO Income Statement.
How to use the Income Annualisation Calculator?
- Access recent payslips and group certificates from the previous financial year.
- Input the data collected from these documents into the calculator.
- Ensure that the 'end date of most recent payslip' is the end of the pay period and not the actual payment date.
- Click Calculate to obtain annual gross income.
- Deduct base pay from this figure to determine yearly income, including overtime, pre-tax allowances, and other sources.
How is this calculation helpful for the lenders?
Understanding annual income lets lenders consider your ongoing expenses, credit history, and financial obligations such as mortgages and living expenses. By comparing your income to expenses, lenders gauge your ability to take on new debt and how much you can comfortably repay each month. Visit Greg at 25A/45 Donald St Nelson Bay NSW 2315, call 1300 651 363, or email greg@homefinancehub.com.au for more information.