PAYG + ABN Hybrid Combined Servicingself-employedhybridpayg-abn
Glen Waverley PAYG Nurse + ABN Renovator: Hybrid Combined Servicing, $1.8M
Glen Waverley couple — senior nurse manager PAYG $135k + ABN renovation contractor 2.5yr. Big-4 calculated $1.55M. Halo Loan placed it in the hybrid pool → $1.8M at 85% LVR, 14-day approval.
- Loan amount
- $1,800,000
- LVR
- 85%
- Turnaround
- 14 business days
Client Profile
- Structure: married couple, joint owner-occupier upgrade purchase
- Spouse A (wife): senior nurse manager (PAYG), public hospital full-time 8 years, $135,000 base + shift loading + manager allowance
- Spouse B (husband): renovation contractor + small building company, ABN 2 years 7 months, sole trader transitioning to Pty Ltd; last 12 months' BAS net profit $185,000
- HECS balance: $12,000 (wife only)
- Deposit: $325,000 (savings + sale of prior apartment + $60,000 combined parental gift, with explanation letters)
- Target: Glen Waverley 4+2 detached house, $2.1M
What Blocked Them
The couple first approached one of the major banks:
- Big-4 servicing algorithm is hostile to hybrid combos: full credit to the wife's $135k PAYG, but the husband's $185k ABN was assessed at "average of 2 years' ITR × 80% (add-back haircut)" → calculated at just $118,000
- Borrowing capacity: total servicing income $135k + $118k = $253k → borrowable $1,550,000 (well short of the $2.1M target)
- Core friction: "Our household pre-tax income is $320k. Why does the bank only count $253k? The whole gap is on my side."
What Halo Loan Did
| Action | Reasoning | Day |
|---|---|---|
| Assessed via the hybrid-friendly lender pool | Six lenders in this pool use "PAYG full credit + ABN most-recent-year BAS-evidenced × 90%" instead of the big-4's punitive average | Day 1 |
| Repackaged: husband on alt-doc-style flexible-document submission; wife stays full-doc PAYG | Mixed-submission lets the lender assess the PAYG side under mainstream criteria | Day 2 |
| Coordinated with husband's accountant on add-backs | Tool depreciation + ute loan interest + leased office space can be added back → ABN servicing income lifts to $167k | Day 3 |
| Two hybrid-friendly lenders for indicative offers in parallel | Compared servicing algorithms + LVR caps + rate bands | Day 4-5 |
| Formal submission + valuation coordinated | Glen Waverley detached valuation steady; LVR 85% is within hybrid-pool appetite | Day 7 |
| Handled lender servicing follow-up (HECS repayment-amount logic + sale-evidence of prior apartment) | Offset using monthly repayment amount, not the full balance divided; sale proof was post-settlement | Day 11 |
| Formal approval | Rate 6.39% p.a., LVR 85%, LMI applies (deposit < 20%) | Day 14 |
The Outcome
- Loan amount: $1,800,000 (owner-occupier, contract price $2.1M)
- LVR: 85% (15% deposit triggers LMI, but the extra capacity outweighs the cost)
- Rate: 6.39% p.a. variable (hybrid pool sits between full-doc and alt-doc rate bands)
- Monthly repayment: $11,235 (30-year P&I)
- LMI: ~$32,000 (capitalised into the loan)
- Formal approval: 14 business days
- Side-by-side: big-4 calculated $1.55M borrowable → hybrid pool calculated $1.92M → final approval $1.8M = $250k more borrowable, exactly enough to reach the upgrade-target price
Related Reading
- Long read: PAYG spouse + ABN self-employed hybrid home loan — 6-lender framework, decision tree, document checklist, worked example
- Alt-doc home loan pathway — where the SE spouse usually lands within hybrid combos
- Self-employed home loans hub — full 4-pathway comparison
- Melbourne self-employed mortgage broker — Glen Waverley / Box Hill industry map
- 5-step application process — mobile pre-check to settlement
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