Documents you will need when applying for a home loan

When you apply for a home loan you will need to be able to provide the following documentation so lenders can assess your application. Certain exceptions exist, your Lawform broker will advise you if this is the case.

Identification

You must provide at least one photo ID such as Driver’s Licence or Passport or if unavailable a Birth Certificate and a utility bill owned by applicant. Some Lenders may require a full 100 point ID verification upon application. A Lawform Broker will advise you prior to submitting a loan application.

PayG applicants

If you are in regular employment, you'll need to show:

two consecutive payslips no older than 4 weeks; or
a letter from your employer confirming your salary and position AND your latest Group Certificate AND your last Tax Notice of Assessment.

Other loans and credit cards

If you are refinancing your current debt, most Lenders will request 6 months latest loan/credit statements being refinanced to prove applicant has had good conduct of debt. If you are not refinancing other debt – some lenders will still require 3 months statements of all ongoing debt or at least a balance statement in confirmation.

Self employed

If you work for yourself you will need to show:

Personal income Tax Returns for last 2 years.
Company Tax Returns for last 2 years
Company financials - 2 year comparitive
Latest Tax Notice of Assessment.

Property purchases

Depending on the Lender – you will need to provide a completed front page of Contract of Sale OR a full Contract (Broker to advise). To prove you can meet your obligations to complete a purchase all Lenders will require proof of deposit by way of either balance of savings account (up to 80% loan) or 3 months savings history (if over 80%) or if drawing equity from another property a copy of available funds i.e. redraw or loan approval.

Investors

To prove income from a rental property you will need to show recent rental statements from a Real Estate Agent or current lease or regular payments into your savings account. If you are purchasing a new investment property a letter from a Real Estate Agent advising achievable rental (Rental Appraisal Letter) will be needed.

Construction loan

If you're planning to build, you are going to need to show some extra information:

a copy of your Fixed Price Building Contract
a copy of your building plans and specifications.

Commercial loan

A commercial loan can be quite complicated. Your Lawform representative will inform you which additional documents you might need to show.

The above serves as a guide only. Your Lawform broker will give you a definitive list of requirements so you can be sure not to miss anything.