At the drop of a hat and on the fly I can explain any and every aspect of police income structure to a bank credit officer. I am Australia’s leading expert on this. This can often mean the difference between a yes or no from the lender. Every bank has different rules with various degrees of discretion around interpretation.
There are 30 banks on our lending panel. Thinking of an analogy perhaps it would be a little like learning a Crimes Act for 30 states. There is a lot of duplication but knowing the differences is what makes the difference. At the end of the day, you want someone who can do what they say and get the job done. There are a few web pages around that say they “understand” but scratch the surface and you will see they have just cut and paste content from bank credit policy into marketing. I have been to the same seminars and listened to banks say they are using 100% of police overtime income. Most acknowledge that they aren’t “really” using it all and put failsafes into their algorithms to avoid overcalculation.
This makes sense as banks can’t be expected to train lending officers to that expert level on a particular topic. Honestly, some banks just say no. We don’t use those ones. Some banks have a great policy to start with and we work with those lenders to show them how to best and most fairly interpret what is already fair. This still makes a difference. Others are in the maybe category and this is where we have to do the most work.
These “maybe” banks make case by case decisions about customer files. It can be a bit like landing at court. With the same set of facts, interpreting the same rules can equal a different result. If everything else about your circumstance means the best fit for you ( or possibly one of only a few options ) is a bank that falls in the maybe category having a positive outcome is huge. This is why you need an advocate that understands.
So, it might sound a little like I am one of those people that thinks they know everything. This is not true but I do know my strengths and weaknesses. I will give you an example. I don’t know much about loans for dentists. If a dentist walked through the door I am sure I could get the job done and do it to a very good standard. However, there is a guy who is without a doubt the best guy to talk to if you are a dentist that needs a home loan. He is hands down the expert in that area. The best thing to do would be to put the dentist in touch with the guy who is the best broker for dentists.
I guess what I am saying is I am that guy for NSW police officers. To achieve 100% police overtime use you really need to be an expert. If you are a NSW police officer and you need a home loan then call me because I am that guy. I know what I know and understand that you can’t be an expert in everything. It is not something I set out to become an expert in. It just happened.