Note that while most lenders have similar document requirements to approve a loan, the below is a general checklist. You can contact one of our broker partners, who will confirm which documents you need, if you’d like a definitive list. However, below are the most common requirements.
As with so many applications, you’ll need to provide proof of identification. Generally, 100 points of ID are required.
Primary identification including a photograph:
A current passport or birth certificate (70 points)
Drivers licence (40 points)
Secondary forms of identification:
Council Rates Notice
Health Care Card
Tertiary Student ID Card
What you earn
The money you receive from various incomes has a significant impact on the lenders ability to give you the amount you want. Provide accurate and detailed evidence in order the meet the lenders requirements.
You will be required to provide the two most recent pay slips from your employer (ideally, these will have the company name, pay slip number and year to date income figure). You will also need to provide your most recent group certificate from your employer.
If you are self employed, you’ll want to have the last two year’s personal and business tax returns (and Australian Tax Office assessments) handy, as well as any other income details.
If you currently receive any rental income you’ll need to provide evidence of this. This documentation can be current bank statements that shows money credited, a current lease agreement, or a letter from the managing agent with the property lease details.
If you own shares, have a managed investment, or other income producing assets, your lender will want to see proof of this. Provide a shareholding certificate or current dividend notice to support your home loan assessment.
Should you receive any government support, provide current statements or bank account credits attributed to payments.
If you receive any income from a superannuation fund, provide current statements from the fund or your bank.
If you are self-employed, prepare two years of financial statements along with the details from your accountant.
What you own
Your assets can earn you money that is not classed as regular income. Include these in your application to build a picture of wealth for your lender.
Significant personal assets
Lenders will take into account any valuable personal assets such as a car, another home, or shares. Provide ownership documents for any assets you would like to be counted towards your application.
Provide details of all savings whether they will be used for the loan or not. Recent bank statements that clearly show balances on savings are sufficient.
What you owe
Your personal debt will be taken into consideration when the lender assesses your ability to maintain a home loan. However, be upfront about any money you owe.
Loans and credit cards
Provide proof of all your debt to your lender, this includes all credit cards, store cards, leases, student debt, and any other personal debt. Provide balance statements and information about your card limits. If you are intending to reduce your credit card limit, make sure you do this a week or two before you submit a home loan application.
If you are refinancing any debt, provide three months of statements for credit cards and 6 months for everything else. The latest statement must not be more than 3 months old. An internet banking transaction listing will be acceptable if no other proof is available.
There are other documents that may be applicable depending on your situation.
First Home Owners Grant
If you are applying for the FHOG, supply the application form and supporting documents to your lender.
If you have already found the property you wish to purchase, give your lender details of your conveyancer/solicitor, a copy of your contract of sale, and a copy of the land transfer.
If you are building a property as an owner-builder you’ll need to provide copies of cost estimates and timelines. If you are employing a builder or firm to construct your property, you’ll need to give a copy of your signed contract, the building specification, and a copy of your Home Warranty Insurance to you lender. Other documents required regardless of who is building the property include: your building permit or council approved plans, and evidence of Builder “All Risk” Construction and Public Liability Insurance details (if available).
If you are receiving money as a gift you need to provide a letter from your benefactor stating whether or not the money needs to be paid back. They either need to state that the money is an unconditional gift, or outline the repayment plan you have agreed upon.