If a bank has left out part of your overtime or asked for a bigger deposit, I’d check what caused the problem before trying another lender. Granite is a non-bank lender with some useful income and LMI options. Whether they help you comes down to your pay records, deposit and property.
Where Granite can make a difference
- 01
More of your pay may count
Regular overtime, shift allowances and a second job can make up a big part of your income. Granite may count more of it than a lender that discounts those earnings.
- 02
A 15% deposit without LMI
Granite has an 85% loan option without LMI that isn’t tied to your occupation. It covers eligible purchases and refinances, including investment loans.
- 03
Smaller deposits for eligible jobs
Some professionals can borrow up to 95%, and eligible essential workers up to 90%, without paying the LMI premium. You still need money for buying costs.
How Granite works out what you can borrow
Your base salary is only part of the calculation if you work shifts, take overtime or have another job. Granite checks whether those earnings are supported by your pay records and likely to continue.
How Granite treats different types of income
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| Your income | What Granite may count | What we’d check |
|---|---|---|
| Regular salary and allowances | Up to 100% | Payslips, employment history and whether the payments are ongoing. |
| Overtime | Up to 100% of eligible overtime | The calculation differs by occupation. Recent overtime doesn’t automatically count as a full year of extra income. |
| Bonus or commission | Up to 100% of the evidenced amount | Pay records showing the bonus or commission you’ve received. |
| Casual work | 90% | Usually 6 months in the role and a consistent earnings history. |
| A second job | May be included after 6 months | Evidence for both jobs and whether the extra work is sustainable. |
| Residential rent | 80% | The lease or rental assessment, plus your property expenses and other loans. |
Granite can use recent year-to-date overtime to estimate annual earnings for eligible frontline and health occupations. For other jobs, annualising a recent payslip generally needs at least 3 months of earnings and is capped at 120% of the previous year’s overtime. It can also use overtime shown on an accepted ATO income statement or June payslip. I’d check which records give the clearest picture of what you earn.
Compare the income rules in our NAB review and Westpac review too. The better result depends on your job and the evidence you can provide.
How much deposit do you need?
The loan to value ratio (LVR) is the loan as a percentage of the property’s value. An 85% LVR generally means a 15% deposit, before stamp duty and other buying costs.
Granite deposit and LMI options
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| Option | Maximum borrowing | Main conditions |
|---|---|---|
| 85% without LMI | 85% of the accepted property value | No occupation requirement. Eligible owner occupied and investment purchases or refinances, with principal and interest repayments. |
| Professional Lender-Paid LMI | Up to 95% | Eligible profession and qualifications, with the main income earner meeting the criteria. Buying a home to live in only. No genuine savings requirement if you qualify. |
| Essential Worker Lender-Paid LMI | Up to 90% | Eligible permanent full time essential worker, off probation, buying a home to live in. At least $5k in genuine savings if you qualify. |
The professional list extends beyond doctors. It includes eligible allied health, legal, accounting, engineering and IT roles. Nurses, teachers, police, full time firefighters and paramedics can fall within the essential worker rules. Some qualified nurses and paramedics may qualify under the professional option instead.
The 90% and 95% options require principal and interest repayments, full income documents, a clear credit history and Australian citizenship or permanent residency. They’re restricted to accepted metropolitan or inner city locations and don’t cover vacant land or construction.
The $5k genuine savings requirement is part of the essential worker deposit test. It isn’t the whole deposit: a 90% loan still leaves you contributing 10% of the price plus buying costs. We’d check where the rest of that money is coming from.
Use our LMI waiver guide to compare the deposit, rate and fees across lenders. A job title on its own doesn’t establish eligibility.
Can you use Granite if you’re self employed?
Granite generally needs at least 24 months of trading. It can assess current year net profit, and its public policy also describes an assessment using 6 months of business activity statements (BAS) and business bank statements. Under that method, the income it uses is capped at 40% of gross revenue.
I’d check whether that method is available for your chosen loan before organising the paperwork. The professional and essential worker LMI products still list full documentation requirements; the BAS rule shouldn’t be read as a shortcut into those offers.
If your business is newer, our self employed home loans guide explains which records other lenders may accept. That gives us a way to compare your options before you decide to wait.
Find out which lenders can use your income
Products, rates and features
Granite loan options
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| Option | Why you’d consider it | Main catch |
|---|---|---|
| Standard variable, fixed or split loan | Everyday lending, with offset and redraw options on eligible products. | The rate, fees and access to extra repayments depend on the product and any fixed portion. |
| Lender-Paid LMI options | A smaller deposit without paying the LMI premium. | Compare the ongoing price as well as the upfront saving. |
| Standard Easy Refinance | A simpler assessment for eligible borrowers moving to lower repayments. | Both your interest rate and principal and interest repayment need to fall. The loan must meet the other Easy Refinance conditions. |
| Construction and HomePay | Funding for an eligible build. HomePay offers a repayment deferral arrangement with participating builders. | Builder approval and product conditions matter. A repayment pause isn’t free interest. |
| Expat and overseas income lending | Options for borrowers paid outside Australia. | Residency, currency, property location and loan purpose change what’s available. |
Our offset account guide explains how to compare the savings and access to your money.
Granite publishes rate cards on its broker site. Compare the rate for your actual deposit, loan purpose and product, then add any upfront, ongoing and exit fees. A headline rate from a different product won’t tell you what your loan costs.
The property and credit checks that can stop a loan
- 01
Check the postcode first
Small regional towns can need a much larger deposit. Granite’s standard policy excludes towns with fewer than 3,000 people and applies lower borrowing limits to some larger regional towns.
- 02
Don’t assume a guarantee is available
If you need family to provide extra property security, I’d check a lender with a confirmed guarantee option first. We haven’t verified that Granite offers one.
- 03
Explain credit problems early
Granite’s flexibility with income doesn’t make it a bad credit specialist. Some small paid defaults may be considered, but recent serious credit problems need a different conversation.
Our guarantor home loan guide explains how family security works, and the St George review covers one lender to compare.
What documents do you need, and how long does it take?
Expect identification, income records, deposit or equity evidence, statements for your existing debts, and the property details. For a purchase, that includes the contract. For a refinance, it includes your current loan statements. Extra income needs its own supporting records.
Granite published processing times checked 11 September 2026
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| Stage | Published timeframe | What it means |
|---|---|---|
| Initial document check | 1 to 2 business days | Granite checks whether it has the documents needed to assess the loan. |
| Standard initial assessment | 15 business days | Allow for this before agreeing to a tight finance deadline. |
| Conditional to formal approval | 5 to 7 business days | Outstanding conditions and the valuation still need to be satisfied. |
| Eligible Easy Refinance | 4 days from submission to formal approval | The eligible application must include all required documents and the valuation. |
These are Granite’s published estimates when we checked. I’d confirm the queue before you agree to a finance deadline, then allow time for loan documents and settlement after approval.
Our view on Granite
Granite could help if counting more of your regular pay or using one of its LMI options gets you closer to buying. If timing is tight or you need a family guarantee, I’d compare other options early.
We can run the numbers with lenders we work with, so you have a borrowing estimate and cost comparison before deciding whether to pursue Granite elsewhere.
Experience and sources
How this guide was checked
We checked Granite’s public income policy, product terms, rate cards and service estimates on 11 September 2026. The review separates the general BAS assessment method from the full documentation requirements listed for its professional and essential worker loans.
Read Jayden's experience and qualifications. Hunter Galloway Finance Pty Ltd is Credit Representative 476903, authorised under Australian Credit Licence 389328.
Sources
Rates, fees, lending rules and processing times can change. We can’t currently arrange Granite loans. The income example shows how accepted income can differ; your borrowing limit depends on the full application and credit approval.
Compare your next step
- Lender review
NAB home loan review
Compare income assessment and professional LMI options.
Read review - Lender review
Westpac home loan review
Compare self employed, deposit and family security options.
Read review - Home loan guide
LMI waivers explained
See which jobs and deposits can qualify.
Read guide - Home loan guide
Self employed home loans
Find out which documents lenders may accept.
Read guide
Granite home loan FAQs
Our Brisbane mortgage brokers can give you a second opinion on Granite and compare it with lenders we can arrange.
Find a lender that can use more of your income
Send us your recent pay records, deposit and price range. We’ll check which lenders we work with can use your income and compare the borrowing estimate, repayments and fees.
or call 1300 088 065
General information only. Loans are subject to lender criteria and credit approval. Rates, fees and lending rules can change.
