When you are ready to apply for a home loan, there will be a
number of items that the lender will ask you for, in order to determine how
much you can borrow and assess your ability to make mortgage repayments.
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PROOF OF IDENTITY
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(you will need at least one form of photo ID)
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Passport
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Driver's licence
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Proof of age card/Australian tertiary institution card, Department of Defence
ID, Waterways/Boat licence
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(If you only have one form of photo ID, you will also need to supply secondary
identification)
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Birth certificate (required if you will be applying for the FHOG)
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Citizenship certificate
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Centrelink pension card
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Medicare card
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Current/recent rates or utilities bill
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Tax assessment notice (most recent)
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INCOME
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Two latest payslips or a letter from employer stating length of employment (if
still on probation), gross and net income, regular overtime and allowances.
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If self employed, you will need your income tax returns from the last two
financial years, and your most recent Assessment Notice. Some lenders may
require profit and loss statements certified by a registered accountant.
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Confirmation of any Centrelink payments you receive (eg. Family Benefits).
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Details of any other income, bonuses, allowances or benefits.
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If buying an investment property, you will need to supply either a copy of the
lease agreement with the current tenant, or a letter from your property manager
confirming estimated rental income.
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Confirmation of net rental income received from any other investment properties.
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EXPENSES
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Details of your rent/board payments
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Council and water rates
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Electricity and gas bills
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Details of any extraordinary expenses (eg. private school fees or
maintenance/child support payments).
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ASSETS
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Bank statements showing history of savings (usually 3 months).
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If using the settlement from another property as your deposit, you will need a
letter form your solicitor confirming the net settlement amount.
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Should your deposit/part thereof, be a gift you will need a statutory
declaration showing how much of the deposit is a gift and that the amount does
not need to be repaid. Some lenders may need proof that the gift has been in
your savings account for a 3 month period.
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Details of assets including superannuation and any shares held.
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If other investment properties are owned, you will need to provide copies of the
rates notices on each property.
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Confirmation of other assets (eg. insurance statements which include sum insured
for your motor vehicle assets and your home contents value).
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LIABILITIES
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If you have a current mortgage, you will need to provide a minimum of 3 months
loan statements.
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You will need to provide the most up to date statements for your car or personal
loans and credit card/s or store cards.
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OTHER
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If you have already identified the property you will need to supply:
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Copy of the contract
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Copy of the certificate of title
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Copy of transfer of land
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If you are a builder, your broker will also need to see a copy of council
approved plans, the building specifications and your fixed price contract
(construction/renovations) from your builder.
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If you are refinancing, your broker will also need to see:
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The loan statements on the property you are refinancing
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Details of the home to be refinanced (eg. number of bedrooms, bathrooms, garages
and other inclusions)
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