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The bank may need to verify your employment to ensure that you are unlikely to default on the loan.Most Australian lenders have unique requirements for employment letters, so ensure that you consider the following: This will vary depending on the lender’s individual policies and eligibility requirements, but most lenders will accept a faxed copy of the employment letter.Her gross salary is ,000 and her net salary is ,480. Kind regards,(SIGN)Justin Hamilton Human Resources Manager XYZ Pty Ltd When you apply for a mortgage, the lender will need you to supply evidence of your employment status and income.
So if they discover something unusual from their assessment, they may ask you to submit a letter of explanation for mortgage.
The explanation asked for can be as simple as late payments to something as big as discrepancies in your accounts.
An employment letter is a document provided by your employer that confirms your current employment status and income.
Some lenders may require an employment letter, while many only require you to provide proof of your income, such as recent payslips or tax returns.
Some underwriters also ask for letters of explanation where there’s something in their client’s bank account which raises any question.
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For instance, if there was a radical change in your account in the past few months, you may also have to justify those circumstances.
Simple as they are, these letters can be very effective and useful.
As previously mentioned, people known as underwriters assess your finances when you’re applying for a mortgage.
In other cases, an underwriter might want to ask for more information about your employment history, where you’ve lived in the past, and more.
In short, there are different types of situations and circumstances wherein you would need to compose a letter of explanation.