A serviceability assessment evaluates your ability to manage loan repayments. Your income is an important factor in this process and affects your loan application outcome. At Unloan, we assess your serviceability by looking at a number of factors including your income, debts and expenses. Learn more about how income impacts your serviceability assessment.

Within the Unloan application experience, you will need to enter your annual income for all employment types. We acknowledge the varying nature of payment frequency, hence why we’ve recommended to calculate your income annually.

Please note that our application experience only allows for annualised income to be inputted.

This calculation provides an approximate annual income. The same method applies to allowances, overtime, commissions, and other income types.

After submitting your application, one of our Lending Specialists will confirm the income figures and the calculation method used.

If your income varies, you can provide statements, where we’ll calculate the average annual income using a:

For casual or seasonal workers with fluctuating hours and additional loadings or allowances, please provide us a payslip that shows at least six months of Year-To-Date (YTD) income.

If your payslip shows less than six months of Year-To-Date (YTD) income, we’ll need to adopt the bank statement verification method listed above.

If you are a sole trader or Partnership entity, you can enter the most recent years NET income from your personal tax return.

If you are a company structure you can enter your salary or wages from the company and allowances from your most recent personal tax return.

If you are unsure one of our Lending Specialists will verify the accuracy of your declared income when reviewing your application. You can also learn about what documents we use to verify your income.

Related articles:

How to calculate your monthly expenses

What is a serviceability assessment?

How do debt and expenses impact your application?

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.