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.
Below is a list of income types that we can accept as part of your Unloan application.
PAYG employment income:
Regular base income for full-time or part-time employment
Allowances or penalty rates for weekend or shift work
Overtime payments
Commissions earned
Bonuses received
Casual and variable income:
Earnings from casual employment
Income from temporary or seasonal work
Self-employment income:
Sole traders
Partnerships
Companies
Trusts
Additional income sources:
Rental property income
Government payments and pensions
Child or spousal support payments
Superannuation income
Investment returns
Please ensure that all income declared in your application can be verified through appropriate documentation. Find what documents you can use to verify your income, here.
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.