Income Verification


As per RG209.61, your client’s income is a key factor that should be validated to understand their capacity to repay any loan you recommend. In addition to verifying any forms of income, you should also seek to determine whether it’s consistent and if there are any foreseeable reductions that should be taken into consideration.

The below are mandatory documents required to verify your client(s) income, however, you should use judgement to determine if you should obtain further documents to verify a client’s individual financial situation.  In addition lenders will have differing requirements that should also be adhered to. Any documents used to validate income verification must be stored within My CRM.

Document Requirements


Income Documents - PAYG:

  • One month's bank statement, with account name clearly identifiable, confirming salary credits within 90 days of submission to the lender AND

Provide one of the following:

  • At least one most recent payslip with a minimum of 2 pay cycles evident in the year to date, with the most recent payment no older than 60 days when submitted to the lender, OR
  • Employment letter/ employment contract/ payment summary/ most recently lodged full tax return / ATO Notice of Assessment
Foreign Income:

In addition to the above PAYG requirements, provide the following:

  • Payslips and letter from employer must be in the language of the country from which it has originated and translated copy from a certified NAATI translator, AND
  • Credit representative’s note confirming telephone employment verification must be completed
  • Copy of Internet search of employer’s website (if applicable)


Self Employed Full Doc Loan:

  • Last two years personal and business tax return, AND
  • Corresponding ATO Final Notice of Assessment
  • Most recent financial statement for company


Self Employed, Alt Doc loan:

  • Evidence of GST registration AND evidence of ABN search
  • Four quarters of BAS statements AND last six months of business account statements, OR
  • Income declaration from Accountant which must show:
    • Trading name of client’s business
    • ABN of business
    • Accountant’s name, business address, ABN, office contact number (not mobile)
    • Signed and dated no more than 60 days prior to the application submission date
    • The client’s income
    • The period for which the accountant has been engaged by the client


Rental income:

Provide one of the following:

  • Copy of tenancy agreement
  • Copy of most recent rental statement from managing agent
  • Three months’ bank account statements showing receipt of rent payment no older than 60 days when submitted to the lender
  • Valuation report showing estimated rental return
  • Written and signed rental estimate by real estate agent


Government income (e.g. Centrelink, family benefits, pension):

Provide one of the following:

  • Centrelink or government agency statement within 60 days of submission to the lender
  • Three months’ bank account statements showing evidence of income no older than 60 days when submitted to the lender


Child support maintenance payment:

Provide one of the following:

  • Child support agency notice
  • Court order confirming payment obligation terms
  • Three months’ bank account statements showing evidence of payment no older than 60 days when submitted to the lender

Note: Ensure Customer reference Number (CRN) has been redacted


Investment Income e.g. Dividends / Interest:

Provide one of the following:

  • Most recent full tax return and corresponding ATO Final Notice of Assessment
  • Payment statements or three months’ bank account statements showing receipt of income no older than 60 days when submitted to the lender


If you have any questions, please contact compliance@loanmarket.com.au