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Thanks Rick, you've cleared up a lot questions for me.

Thanks for taking the time to explain this Rixter, please bear with me as I'm a little slow. So the actual name of the income generating product is call an "annuity". And most banks accept annuity payments (principal + interest) as assessible income? I have a few questions regarding...

The question I got the MB to ask was whether cash bond income would be taken into consideration when calculating assessible income. Should I have used the term "annuity" instead? Or maybe not have mentioned it to the banks at all?

Are any banks still accepting cash bonds as assessible income? I've approached a MB and he's currently in the process of asking for me which banks are still allowing this cash bond strategy. Thus far CBA and BankWest have said "no".