What documents can I use to verify my income?

When you apply for an Unloan home loan, you’ll need to provide documents to verify your income. This includes payslips, bank statements, payslips, tax statements and/or letters from your employer. Depending on your employment type, the documents used to verify can differ.  

Employment income (PAYG)

If you’re employed on a PAYG basis, you’ll typically need to provide one or more of the following documents:

• Your most recent payslips
• Your bank statements from the last three months, evidencing permanent employment base salary, allowances, overtime and bonuses, OR
• Your bank statements from the last six months, evidencing commission, casual, temporary and seasonal income.

In some cases, you can also provide a letter from your employer to demonstrate the commission and bonuses you receive at work.

Self-employed income

In all cases, your business will need to demonstrate it has made a profit in each of the two most recent financial years by providing the following:

• ‍Sole Trader & Partnership: Your personal tax returns from the two most recent financial years ‍
• Company: Financial statements from the two most recent financial years OR a letter from your accountant on the company letterhead dated in the last six weeks advising that the business made a profit in the two most recent financial years

If you’re doing business as a Sole Trader or Partnership, we will also need:

• Your most recent Notice of Assessment (NOA)

If you’re doing business as a Company, we will also need:

• Your personal tax return from the most recent financial year AND most recent Notice of Assessment (NOA) OR
• Your personal bank statements from the last six months, showing regular and consistent payments of income from your business

Rental income

We will need one of the below:

• For short term rentals: Your bank statements from the last six months OR statements from your property managing agent from the last six months.
• For long term rentals: Your bank statements from the last three months OR statements from your property managing agent from the last one month.

The bank and property managing statements need to be dated within six weeks of your application being submitted.

If the above isn’t available, you can also provide:

• Your most recent tax return OR
• The current lease agreement for your property where rental income is received.

Investment income

We will need a statement from the investment administrator (eg: registrar, broker) showing income received over the last 12 months. Statement needs to be dated within six weeks of application being submitted.

Government payments

We will need one of the below:

• Your bank statements from the last six months OR
• Letter or statement from the relevant government department, showing the regular benefit amount  

The bank statement, letter or government statement needs to be dated within six weeks of application being submitted.

Applications that are solely reliant on government payments (excluding pensions) are ineligible.

Child/spouse support and maintenance

We will need one of the below:

• Your bank statement from the last six months OR

One of the following:

• Family Law Court Order, Child Support Agency Letter, Solicitor’s letter showing the regular benefit amount

The bank statement or letter needs to be dated within six weeks of your application being submitted.

Superannuation fund income

We will need a statement or letter from your Superannuation Fund outlining the indexed pension amount or annuity OR a bank statement from the last six months.

The bank statement needs to be dated within six weeks of application being submitted. The superannuation statement or letter can be dated within the most recent 12 months of your application being submitted.

As part of your serviceability assessment and verifying your income, we’ll consider the recency of any documents provided, and depending on your situation, we may require additional documents.  

Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.

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This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.