Income sources - Application

When applying for a rental property, we ask for each different income source.
Everyone is different, and everyone has different types of income. Cubbi allows you to add all your different types of income so you can clearly articulate your ability to afford the rent.

Different types of income and what they mean:

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Employment: 

You are an employee; you work for someone else. This will be clear in your contract or agreement with your employer. If you get sick pay and holiday pay, you're probably an employee.

Proof of income examples:

- Payslips, Bank Statement, Employment Agreement, Formal Job Offer (e.g. you're in between jobs/moving to a new location). 

Self-Employment:

Sole traders, partnerships, freelancers or contractors. If you run your show, select Self-Employment as the income source.

Proof of income examples: Contract agreement, Bank Statement (showing the income from the business), Profit and Loss Statement by an accountant, Tax Return (less than 3 months old). Do NOT provide Invoices as proof because it's not proof of income.

Government benefits: 

Includes payments received from government authorisations, including Centrelink and DHA. Examples: Child support, Parenting payments, JobSeeker, Rent Assistance. Note: If you receive different amounts on different schedules, you can add them as a separate income source to clarify what you earn. For example, you might receive Job Seeker payments and Rent Assistance - record this as two different income sources.

Proof of income examples: Centrelink Statements, any Government Statement showing the schedule or payments you receive, Bank Statements (showing the payments you get).

Super:

If you have access or early access to your Super, don't forget to add it as income.

Proof of income examples: Bank Statement (showing the money coming into your account), Superannuation report confirming access to Super amount.

Rental Investment: 

When you earn income/rent from any investment property you own. If you own the property outright, meaning their rent stays in your bank account rather than paying the mortgage, it's worth mentioning this in your cover letter to strengthen this income source.

Proof of income examples: Lease agreement, Agent's monthly or yearly statement - showing the rent you receive.

Dividends:

The income you receive from investments, shares or securities etc.

Proof of income examples: Bank Statement might be the easiest to show, just make sure you filter out only these payments.

Lump Sum:

It could be any one-off type payment you recently received or will receive in the next month or so. For example, if you have just sold a property and received proceeds from the sale, add it as a Lump Sum income. 
You can also use this income type to add your bank account balance, especially if you have 6+ months worth of rent in your bank account.

Proof of income examples: Bank Statement might be the easiest to show, just make sure you filter out only these payments. Contract of Sale.

Scholarship:

If your scholarship provides you with additional income outside of fees, add the balance (money in your pocket) as income.

Proof of income examples: Approval letter/offer or Bank Statement showing the money coming into your account (filter out other transactions if possible).

Family Support:

Income received from family, friends or maybe ex-family. Eek. For example, child support from an ex-partner or perhaps you receive financial support from your parents, be it a one-off payment of regular income (often the case for students), add it in!

Proof of income examples: Approval letter/offer or Bank Statement showing the money coming into your account (filter out other transactions if possible).

If you're not sure what to select for your income source select the one you think is best for now, then send us a message and we'll help you. Just don't add the same income twice!

You can make changes later, even after you send the application off so no stress. 

Our goal is to help you create a successful application.

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