Written by

Steven Lee

Mortgage Director, ODIN Mortgage & Tax

10+ years in Australian banking and mortgage lending

Last reviewed

Updated on: October 8, 2026 View profile →

If your total compensation includes Restricted Stock Units (RSUs) and you are planning to buy property in Australia, your borrowing capacity may be significantly higher than a standard lender assessment would suggest. When RSUs are correctly documented and routed to the right lender, vested RSU income can be assessed as recurring income, adding anywhere from AUD $200,000 to $300,000 or more to your borrowing capacity. The catch: most lenders either refuse RSU income entirely, or apply heavy shading that leaves a substantial portion of your earnings ignored. Knowing which lenders assess RSUs, at what rate, and what documentation they require is the difference between a loan sized to your real earning power and one that falls well short.

What Are RSUs and Why Do Lenders Treat Them Differently From Salary?

A Restricted Stock Unit (RSU) is a form of equity compensation granted by an employer, typically in the tech sector. Unlike base salary, RSUs vest over time according to a schedule, meaning you only receive them if you remain employed with the company through specific milestones. Once vested, RSUs are converted to shares (or cash-equivalent) and form part of your actual take-home income.

Lenders treat RSUs differently from salary for three core reasons:

• Continuity risk: RSU income depends on continued employment and ongoing grants. There is no guarantee future grants will match past ones.
• Stock volatility: The value of vested RSUs fluctuates with the underlying stock price. A lender cannot assess a fixed income figure if it changes month to month.
• Documentation complexity: RSU income does not appear on a standard payslip in a consistent format, making it harder for credit assessors unfamiliar with tech compensation structures to verify.

These concerns are legitimate, but they do not mean RSU income should be ignored. They mean it needs to be assessed through a specific framework, with the right evidence, submitted to lenders that have a defined RSU policy.

What Are the Specific Requirements for RSU Income to Count?

For RSU income to be included in a mortgage application, lenders generally require all of the following conditions to be met. Individual lender policies vary and are subject to change.

• Minimum vesting history of 2 years: Recent RSU grants that have not yet vested over a 2-year period are typically excluded. The lender needs evidence of a pattern, not a one-off event.
• Vesting history evidenced by payslips or vesting statements: You need to show that RSUs have been vesting and settling consistently. One-year data is usually insufficient.
• Acceptable stock volatility: Blue-chip, exchange-listed stocks from recognisable employers are assessed more favourably. Highly speculative stocks may be refused or assessed at a heavily discounted rate.
• Ongoing grant likelihood: Some lenders will look for evidence that RSU grants are ongoing, not a legacy arrangement that has since concluded.

How Do Lenders Actually Calculate RSU Income for Borrowing Purposes?

The standard assessment method works as follows: lenders take your total vested RSU income over a verified 2-year period, calculate an annual average, and then apply a shading factor (expressed as a percentage) to arrive at a usable income figure.

Worked Example

A tech professional has vested AUD $100,000 in RSUs per year, with a documented 2-year vesting history since 2021. Two lender outcomes illustrate the difference lender selection makes:

The difference in borrowing capacity between submitting to an RSU-refusing lender versus an RSU-friendly lender, on the same income, is roughly AUD $200,000 to $320,000. That is not a marginal variation. It can determine whether you qualify for a property at all.

How Do Different Lenders Treat RSU Income?

Lender policies on RSU income are not published publicly and change regularly. The following is a general guide based on industry pattern, not a guarantee of any specific lender’s current policy.

All figures above are subject to individual lender policy and may change. Borrowing outcomes depend on individual circumstances including total income, liabilities, credit profile, and property type.

What Documentation Do You Need to Include RSU Income?

Getting RSU income accepted is as much a documentation exercise as it is a lender-selection exercise. Submitting incomplete or ambiguous documents is a common reason RSU income gets rejected at credit assessment, even with an RSU-friendly lender.

Required documents typically include:

• Vesting schedule: The full schedule showing grant date, vesting milestones, and quantities vested or due to vest. This should cover at least 2 years of history.
• Payslips showing RSU income: Payslips that reflect RSU settlements as income line items, confirming that vesting events have actually paid out.
• Current vesting statement: A statement from your employer or equity platform (such as E*TRADE, Fidelity, or similar) confirming the current market value of vested holdings.
• Employment confirmation: Evidence of ongoing employment with the granting company, as future RSU income assumes continued tenure.

For Australian expats earning in foreign currencies, additional documentation around currency of settlement, income conversion, and tax treatment may be required. This is an area where ODIN Mortgage’s integrated approach, combining mortgage structuring with support from Odin Tax, provides a practical advantage.

Does Stock Volatility Affect How Lenders Assess RSUs?

Yes, significantly. Lenders do not treat all RSU grants equally. The nature of the underlying stock affects both whether RSU income is accepted and at what rate.

• Blue-chip tech stocks (e.g. Google, Apple, Microsoft, Meta): Considered relatively stable and widely traded, these are generally assessed more favourably by lenders with RSU policies. Lenders may use methods such as a percentage of the current share price, a historical average of vested income, or apply a cap on RSU income as a proportion of total qualifying income.
• Growth tech stocks with moderate volatility: Accepted by fewer lenders, with assessment rates subject to individual lender appetite and methodology. Income may be calculated using historical averages or at a discount to current stock price.
• Highly volatile or speculative stocks (including crypto-adjacent companies or pre-profit tech): May be refused entirely or assessed at a heavily discounted rate. The income is considered insufficiently predictable, and lenders may decline where company financials or stock performance raise concerns.

If your RSUs are from a large, publicly traded company with a stable stock history, your assessment profile is materially stronger than a peer whose RSUs come from a growth-stage employer.

Frequently Asked Questions

Disclaimer: This article contains general information only and does not constitute personal credit advice. Borrowing capacity, loan approval outcomes, LVR limits, and RSU assessment rates depend on individual circumstances, lender policy, and credit assessment at the time of application. Lender policies on RSU income are subject to change without notice. ODIN Mortgage is regulated under ASIC and the National Consumer Credit Protection Act (NCCP). Personal credit advice is only provided through formal consultation.