I started a small business for my wife in April. She operates as a sole trader and is averaging approx $1,950 per month net. I understand this cannot be counted due to the short history.
Looking at the Genworth Servicing Calculator, if I remove her from the application and include our 4 kids, then based on my income we can obtain more than required. Including her as part of a 'couple' increases our expenses too much and I cannot borrow enough and her income won't be included.
My question is:
Will her short trading history be sufficient to make her a non-applicant spouse and allow her to be excluded in the expense calculations (as her income - albeit a short history - covers her living expenses)?
With my wife as part of a couple living expenses are: $44,044
With my wife excluded our living expenses change to: $32,604
My income services those living expenses and the loan amount. I found the following on the Genworth site:
5.7.5 Single Borrower with Non-applicant Spouse
For a married person who is the sole applicant on a loan, the Genworth notional living costs for a couple will be applied unless independent income for the non applicant spouse can be evidenced by the most recent pay slip.
The issues are her less than 2 yrs trading history and she does not have a payslip as she is a sole trader and just invoices. Will they still take her income into account not for servicing but as evidence to allow me to apply as a single under the clause above?
Thanks in advance,