How to Verify Your Income for a Home Loan: A Guide by Unloan

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

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Employment Income (PAYG)

We will need one of the below:

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

A letter from your employer can also be used to demonstrate the commission and bonuses received. ‍

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Self-Employed Income

If you’re a sole trader, we will need:

• Your personal tax returns from the two most recent financial years
• Your most recent Notice of Assessment (NOA), showing the business made a net profit before tax in both years.

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If this isn’t available, we will need:

• Your personal bank statements from the last six months, showing regular payments of income from your business.
  
  AND we will also need one of the following: ‍

Option One
A letter from your accountant with

• The date your business began trading (which must be at least 2 years from the date of the letter)
• Advising that the company has sufficient profits to meet the business commitments, and can continue to pay your salary
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Option Two

Financial statements from the last two financial years, indicating the business made a profit in those years.

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‍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 three months

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.

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‍Investment Income

We will need a statement from the investment administrator (eg: registrar, broker) showing income received over the last 12 months.

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‍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

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‍Child / Spouse Support & Maintenance

We will need one of the below:

• Your bank statement from the last six months OR
• Family Law Court Order, Child Support Agency Letter, Solicitor’s letter showing the regular benefit amount

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‍Superannuation Fund Income

We will need a statement or letter from your Superannuation Fund outlining the indexed pension amount or annuity.

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

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‍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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