POF from recent income

[ts123]

Mt partner & I have the required amount for POF, but some of this is in very recent income. We have basically had some time where we've not been working, and are able to show an average balance for the last 6 months of around $14300. We've recently begun work again and have topped this up to the required $15500, but this will only have been in the account for a couple of weeks at time of application.

If we prove where this money has come from, will this be acceptable, or does the whole 15500 need to have been there for the previous 6 months?

We will be continuing to work (and living off the money from that), so will not have the new balance drop below 15500 for the whole processing time - it should be well above.

If this isn't acceptable, would selling a car and showing the paperwork from that sale be OK?

My parents have offered to gift the money also, but it seems signing a gift affidavit is an unnecessary step when we don't actually need the extra money!

I also have some of the money in a fixed interest bond. This is on a 5 year term, but I CAN access it at any point and simply lose 90 days interest for withdrawal. Do I need to cash it out or is that OK as is?

Thanks

 

[vishalg]

Mt partner & I have the required amount for POF, but some of this is in very recent income. We have basically had some time where we've not been working, and are able to show an average balance for the last 6 months of around $14300. We've recently begun work again and have topped this up to the required $15500, but this will only have been in the account for a couple of weeks at time of application.

If we prove where this money has come from, will this be acceptable, or does the whole 15500 need to have been there for the previous 6 months?

We will be continuing to work (and living off the money from that), so will not have the new balance drop below 15500 for the whole processing time - it should be well above.

If this isn't acceptable, would selling a car and showing the paperwork from that sale be OK?

My parents have offered to gift the money also, but it seems signing a gift affidavit is an unnecessary step when we don't actually need the extra money!

I also have some of the money in a fixed interest bond. This is on a 5 year term, but I CAN access it at any point and simply lose 90 days interest for withdrawal. Do I need to cash it out or is that OK as is?

Thanks

Maintaining the LICO for last 6 months is not a mandate. The current balance should be above LICO. Of you can prove the source the funds and that these funds belong to you only then you are good to go.

 

[xpressentry]

If it worries you, you can always show a bank statement along with the letter that shows where the money is credited from. Your employers name will be on that.

 

[ts123]

If it worries you, you can always show a bank statement along with the letter that shows where the money is credited from. Your employers name will be on that.

I'm self employed, freelance & contract for several different people/companies. I can show the invoice I've given them, together with the credit into my bank account?

 

[xpressentry]

Yes you can show invoices from your clients and their business names will show as credit.

 

[ts123]

Thanks!

Any idea on the 5 year bond with instant access - OK or do I need to cash it out?

 

[xpressentry]

Thanks!

Any idea on the 5 year bond with instant access - OK or do I need to cash it out?

You can show a fixed cash investment. you would need to cash out if it is dependent on stocks and shares.