26 Oct 2021

Full Doc

Full Doc

When applying for a mortgage in Australia, there are a few options to choose from: full documentation, alternative documentation, or low documentation home loans. The most common type of home loan is a full documentation (full doc) loan. This type of home loan is for borrowers who are traditionally employed and with large savings because they can provide more income verification documents that lenders require.

Documents Required for a Full Doc Loan

While each lender may have its own list of required documents you need to provide when applying for a home loan, most require at least the following: 

  • Two years’ worth of tax returns
  • Last two consecutive payslips
  • Bank account statements
  • Information from additional income, including bonuses, overtime pay, rental income, shares, and Centrelink income.

Your lender will also want you to provide information about any assets and liabilities you have, including:

  • Assets: properties, vehicles, term deposits, high-interest savings accounts
  • Liabilities: outstanding debts or ongoing repayments, such as personal loans, vehicle loans, credit cards, store cards, personal debts. 

Basics of Full Doc Home Loans

Full doc home loans are the most common type of mortgage in Australia. They also carry a lower risk for lenders because lenders have proof that you are a worthy borrower who can afford to make your monthly repayments. As a result, they often have more competitive interest rates than other types of home loans, which can save you thousands of dollars over the course of your loan term. 

If you are applying for a home loan and are a traditionally employed borrower, the brokers at Mortgage House can help you find the right full doc home loan for you. IN addition, we can help you find a loan with a low interest rate and beneficial features.

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