Documentation Required For Settlement
When our legal representatives prepare your loan agreements, they will send them out for you to review, sign, and send back.
We cannot start preparing your loan for settlement until we receive all documents correctly signed and filled out. For this reason, you should aim to review, fill out and sign all documents as quickly as possible, and send them all back to the solicitors without delay. It’s a good idea to make a copy of each completed document to keep for your records.
To help make this process as easy as possible, below is a short explanation of what you should expect to receive.
| Loan Contract | |
This contract details your loan agreement, which you should revise carefully to ensure everything discussed and approved with your Lending Specialist is in writing. It will also include:
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| Mortgage Document | |
| This is a legal document which will be lodged to your State or Territory to register your mortgage. | |
| Repayment Form | |
| This form should be filled out to set up a direct debit for your home loan repayments. | |
| Certificate of Witness Form | |
| The witness must sign this document, and the mortgagor is required to sign all documents in the presence of this witness. The requirements for a witness differ by state, and whether being witness onshore or overseas. If witnessing onshore, your witness must be over 18 years of age, and must not be the borrower or guarantor. The following states require further conditions:
NSW: Your witness must be over 18 years of age and must have either known the mortgagor for more than 12 months, or has sighted appropriate identification. NT: Your witness must be over 18 years of age and either a Notary Public, Justice of the Peace, Commissioner for Oaths, Lawyer, Solicitor, Barrister, Legal Practitioner, Conveyance, or a member of the Police Force. QLD: Your witness must be over 18 years of age and either a Notary Public, Justice of the Peace, Commissioner for Declarations, an Australian Lawyer or Licensed Conveyancer. SA: Your witness must be over 18 years of age and must have either known the mortgagor for more than 12 months, or be satisfied as to the identity of the mortgagor. If witnessing documents outside of Australia, for ACT, NSW, TAS and VIC, the witness must be over 18 years of age. Other rules apply for witnesses regarding property in the following states: NT: The witness must be a British or Australian diplomat or a Notary Public. In any commonwealth country, the witness could also be a consular agent in that country or a person who has authority in that country to take an oath of declaration. QLD: The witness must be an Australian consular officer or authorised employee of the Australian Government, a Notary Public, and Australian Lawyer, or a New Zealand Lawyer. SA: The witness must be over 18 years of age and either knows the mortgagor personally or is satisfied as to their identity. WA: The witness must be an Australian consular officer, Ambassador, High Commissioner, Minister, Head of Mission, Commissioner, Consul or Secretary at an Embassy, High Commissioner’s Office, Legation or either Past, Consular-General, Consul, Vice-Consul, Trade Commissioner, or a Consular Agent. |
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| Borrower Certificate | |
| Depending on your loan product, you will receive two documents, of which you must only complete one. The first document (the Borrower Certificate) is to confirm that you have not received legal advice, and the second additional document is to confirm that you have received legal advice. Completing either document will also confirm that you have understood the documentation you are signing.
The additional document sent depends on the state: NSW: Declaration by Borrower VIC: Legal Practitioners Certificate All other states: Certificate of Independent Legal Advice |
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| Pre-Filled Discharge Form | |
| If you are refinancing your home, you will be sent a discharge form* to ‘discharge’ you from your current lender in order to switch to a better deal. Once sent back, we will lodge this form with your current lender, and can begin the process of refinancing your loan.
*Your Lending Specialist may have already obtained this from you, in which case this document will not be reissued in your documentation for settlement. We are unable to send forms for some outgoing Lenders, so in this case we will send an information sheet detailing how to discharge your loan with your current Lender directly. |
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| Warranty | |
| If required, this document will ask you fill out general questions regarding the chosen property, such as whether rates are paid to dates and whether the property is being rented out. | |
Need More Information: Call us on 133 144 or Enquire Online.
Why do I need a home loan checklist?
What if I don’t have access to all the documents for a home loan application?
Once you have the information ready and have looked at our range of mortgages, you are ready to get down to the nitty-gritty of lodging a home loan application with Mortgage House. But what if you don’t have the full financial documentation? As a business owner, a contractor, a freelancer, or someone who is self-employed, you may not be able to supply a bank or lender with the information they require, especially when it comes to proof of income. You may need to consider a low documentation loan, which can still be a suitable option for your property goals. As our documentation checklist points out, you can use your tax returns for the past two financial years, as well as your most recent Assessment Notice. You can self-certify your income, and some lenders may require profit and loss statements that have been certified by an accountant.
What if I need more information before I make my mortgage application?
If you have more questions about your mortgage application, Mortgage House has a few other resources that can help you out. One of them is our Frequently Asked Questions page. These questions are tailored to what you want to know, not what we think you should know. Putting our customers first is a key focus of ours, and one that flows through our entire business. Our FAQs are divided into handy sections, again, based on what our customers have asked us in the past. Our News and Media section is a fantastic resource, covering all aspects of mortgages and finance. Filter by topic to narrow down your search, or just search for a keyword and find the right response. Our Mortgage Glossary is another vital resource, especially if you are buying a home for the first time. There can be a lot of jargon and a lot of specialised language around finance, and mortgages in particular. Going into an application process armed with this kind of knowledge can give you a great head start. A lot of Mortgage House customers choose us because our expert lenders are approachable, and will help get you from where you currently are to where you want to be, without all the jargon. So you can feel comfortable speaking to our lending specialists at any stage throughout your loan application process, including beforehand. You can give us a call, or line up a time that best suits and we can contact you. You can even book a time online, so you can talk to us wherever you are.
What other checklist options do you have?
No matter what kind of mortgage you are after, or what you want to use your mortgage for, we can help you out with a range of checklists and tips. If you’re buying your first or subsequent home, looking to build a home or invest, or renovate or refinance, we have resources that can help. Even if you’re moving home, or just want general mortgage information, we are here to help you.