If you are self-employed or working for your family, it is typical to not receive any payslips. But what if you need to get a loan from the bank, or buy a new car or house, or even just rent an apartment? You will need to provide proof of income for approval.
Most banks ask for payslip as proof of income as a way to verify the borrower's ability to repay their debt and to demonstrate that he/she have a steady job and solid source of income. Anyone who cannot provide a payslip are seen as a higher risk.
The following are some of the reasons why banks see payslip as a vital document :
- Payslips are the most reliable way of verifying someone's income.
- It shows your Year To Date (YTD) income to calculate if your current inncome has been consistent throughout the financial year.
- It shows expenses such as tax and any debts your are paying direct from your pay such as salary packaging expenses.
- The bank can see whether you are employed as a permanent or casual employee.
Makepasylip.co.uk provide advanced and detailed payslips for you that meet specific requirements from the banks.
The following are the standard requirements:
- It must be dated less than four weeks from the date of application. Old payslips may not be accepted.
- It should include the employee's name, year to date income, pay period details and the employer's ABN/ACN number.
- It must be computer generated using an accounting system. handwritten pay advices or pay envelopes are not accepted on their own.