How Atlassian's FY26 share price afffects your borrowing power

The Financial Year your mortgage application falls in matters.

Alex Pagonis

The Financial Year your mortgage application falls in matters.

If you're an Atlassian employee thinking about buying property in the next 12 months, the financial year your mortgage application falls in matters more right now than it has in years.

Here's why.

How RSU borrowing calculations work

When a lender assesses RSU income, they look at your last two Australian financial years. They take the lowest Atlassian share price from each FY, multiply it by the number of shares you vested, convert to AUD, and then apply adjustments for share price volatility and variable income treatment.

The result is the portion of your RSU income they'll count toward borrowing capacity.

Two things drive the number: how many shares you vest, and what the lowest share price was in each financial year. You control the first. You don't control the second.

The last few years have been relatively stable

For Atlassian employees, RSU borrowing outcomes have been fairly consistent recently. The lowest Atlassian share price in each financial year hasn't moved dramatically:

FY24 (Jul 2023 – Jun 2024): US$152.34
FY25 (Jul 2024 – Jun 2025): US$135.29

That's a modest decline. If you were vesting a consistent number of shares each year, your borrowing capacity stayed roughly in the same range. The main variable was your actual share count — driven by your performance and any refresher grants.

FY26 changes the equation

Atlassian has had a tough FY26. The stock is down over 50% from FY25 levels, with the lowest recorded price so far at US$67.85.

That's not a small dip. It's a 50% reduction in the share price anchor that lenders will use once FY26 enters the two-year assessment window.

After 1 July 2026, any new mortgage application will be assessed using FY25 and FY26 data. And that's where the impact hits.

What that looks like in practice

Here's the additional borrowing capacity from RSU income, based on the number of shares vesting per financial year:

Across the board, that's a 29% drop in RSU-derived borrowing capacity — regardless of how many shares you vest. The percentage is the same because the underlying share price ratio drives it.

For someone vesting 300–500 shares a year, the difference between applying before or after 1 July 2026 is $60,000 to $100,000 in borrowing power. Same job. Same shares. Different financial year.

What to do with this

If you're planning to buy and your RSU income is a meaningful part of your borrowing capacity, timing matters. Not in a "rush into something" way — but in a "know which financial years your application will reference and understand what that means for your numbers" way.

A few things worth thinking about:

Which two financial years will your application be assessed against? If you can get an application lodged before 30 June 2026, the lender uses FY24 and FY25. After that, FY26 enters the picture.

Which lender you apply to also matters. Some average the two years. Some take the lower of the two. The right lender selection can make a material difference in how your RSU income is counted.

Your documentation needs to be tight. ESS Annual Tax Statements from Atlassian's share plan platform (not from the ATO), tax returns showing RSU income under the "Discount from Deferral Schemes" line, your vesting schedule, and brokerage statements.