What is a government payment?
A Government payment or pension can be classified as income that is received from a government agency, typically from Services Australia or Department of Veterans affairs. A Government payment or pension may include:
Family Tax Benefit Part A & B
Carer’s Income
Supplement Payments
Aged Pensions
Veteran Affairs Pensions
Disability Pensions
For more information, please visit the Services Australia website.
How can I calculate it for my Unloan application?
This type of income will need to be received regularly, and the calculation method depends on the payment frequency:
For weekly payments, multiply the gross amount by 52
For fortnightly payments, multiply the gross amount by 26
For monthly payments, multiply the gross amount by 12
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. If you currently have an Unloan home loan with an active Lender’s Mortgage Insurance (LMI) policy the maximum amount you can borrow across all Unloan loans is $3,000,000. Please note Unloan currently doesn’t offer loans with an LMI premium. In some cases, depending on the property’s location or type, we may only be able to lend you up to 70% of the property’s value.
Unloan offers a 0.01% per annum loyalty 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 loyalty 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. Government fees may apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.