Loan Application Documentation Checklist
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.
It is a good idea to use our home loan documents checklist and have the following paperwork ready:
|Proof of identity (you will need at least one form of photo ID)|
|Proof of age card/Australian tertiary institution card, Department of Defence ID, Waterways/Boat licence|
|(If you only have one form of photo ID, you will also need to supply secondary identification)|
|Birth certificate (required if you will be applying for the FHOG)|
|Centrelink pension card|
|Current/recent rates or utilities bill|
|Tax assessment notice (most recent)|
|Income||Two latest payslips or a letter from employer stating length of employment (if still on probation), gross and net income, regular overtime and allowances.|
|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.|
|Confirmation of any Centrelink payments you receive (eg. Family Benefits).|
|Details of any other income, bonuses, allowances or benefits.|
|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.|
|Confirmation of net rental income received from any other investment properties.|
|Expenses||Details of your rent/board payments|
|Council and water rates|
|Electricity and gas bills|
|Details of any extraordinary expenses (eg. private school fees or maintenance/child support payments).|
|Assets||Bank statements showing history of savings (usually 3 months).|
|If using the settlement from another property as your deposit, you will need a letter from your solicitor confirming the net settlement amount.|
|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.|
|Details of assets including superannuation and any shares held.|
|If other investment properties are owned, you will need to provide copies of the rates notices on each property.|
|Confirmation of other assets (eg. insurance statements which include sum insured for your motor vehicle assets and your home contents value).|
|Liabilities||If you have a current mortgage, you will need to provide a minimum of 3 months loan statements.|
|You will need to provide the most up to date statements for your car or personal loans and credit card/s or store cards.|
|Other||If you have already identified the property you will need to supply:|
|Copy of the contract|
|Copy of the certificate of title|
|Copy of transfer of land|
|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.|
|If you are refinancing, your broker will also need to see:|
|The loan statements on the property you are refinancing|
|Details of the home to be refinanced (eg. number of bedrooms, bathrooms, garages and other inclusions)|
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.