Here’s a checklist of the paperwork that you may need to provide when applying for a loan. This is a great starting point but keep in mind, some lenders will ask for certain supporting documents during the process. Your loan consultant will advise you of the exact requirements for each type of loan.
You can drastically speed up the process if you have the following information ready to go.
1. PERSONAL IDENTIFICATION – One or more photographic identifications:
- Passport
- Australian driver’s license
- Australian proof of age card
OR one of the following forms of non-photographic identification from each section below:
SECTION 1:
- Australian birth certificate
- Foreign birth certificate
- Australian citizenship certificate
SECTION 2:
- Rating authority (less than 12 months old)
- Public utility record (less than 3 months old)
- ATO tax assessment notice (less than 12 months old)
First Home Owner Grant applications will also need:
- Certified copies of ID
- Change of name documentation
- Marriage certificate (if relevant)
2.1 - INCOME DETAILS (IF YOU ARE AN EMPLOYEE)
- The latest 2 consecutive, computer generated payslips from current employer. Must show company name, ABN and minimum 3 months year to date income figure
- Current letter of employment with salary component (signed, dated on letterhead, stating start date, company ABN, and year to date income) may be required
- ATO tax assessment notice less than 12 months old
- If your income includes commissions, bonuses or overtime, you may need to supply the following:
a) Last 2 years ATO tax assessment notices
b) Last 2 years tax returns
2.2 - INCOME DETAILS (IF YOU ARE SELF EMPLOYED)
- Last 2 years tax returns and tax assessment notices for all individual applicants and all businesses
- Balance sheets and profit and loss statements covering the most recent 2 years
- Details of external liabilities: leases, hire purchase, overdrafts, company loans and/or guarantees
2.3 - OTHER INCOME DETAILS
- Rental income statements from any investment properties
- Dividend statements (for investments including shares and other securities)
- Centrelink letter confirming family payments
- Documentation on any government pensions
- Private pension group certificate or statement
- If you have other regular/ongoing income streams, written evidence will need to be provided
3. FINANCIAL CONSTRIBUTION DETAILS
- Bank statements showing evidence of 6 months of genuine savings, term deposit statements or share transaction records (certain applicants may only need to ptovide 3 months worth - your loan consultant will inform you)
- If there are any other sources of funds going towards the purchase, documentation will be required detailing where the funds are held. If the funds are being gifted (by a family or friend), then you are required to provide a Statutory Declaration from the person providing the funds
4. FINANCIAL COMMITMENTS
- If you have existing loans such as personal loans, home loans, credit cards, store cards etc., then you will need to provide your most recent statements. If you do not receive frequent statements, then you may be required to provide an interim statement.
- When refinancing or consolidating debt, additional evidence may be required
5. PROPERTY/INVESTMENT PROPERTY DETAILS
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A copy of your most recent council rates notice
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a copy of the Contract of Sale (if you have selected a property). For Western Australia, the 'Offer of Acceptance' is required
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If building/constructing or making major renovations, a copy of the tender, fixed price building contract, council approved plans, specifications, building insurance, an estimate of expected building costs and any other details you may already have such as property plans and local council approvals
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