What docs will I need to provide?

When you are applying for your first home loan, the documentation requirements from the banks and us brokers can often leave you confused and seem too complicated. Essentially, all banks and brokers would request for similar types of documents, if not, the exact same ones. Below, the GLEX team have provided a checklist for you to use as reference in terms of what is required, which will differ slightly depending on your circumstances. We understand that sometimes, some of these documents may be unavailable at a point in time, but the more evidence you can provide to us, the more solidified your loan application becomes.

Please note that this checklist may only be used as a guide, and is subject to changes reflected by financial institutions at any time.

Identification (100 point verification)

  • A current passport or birth certificate.
  • Driver’s licence or photo ID card (Please note if these documents are in your maiden name, you will also need to provide a copy of your Marriage Certificate).
  • Other additional documents where required: Medicare card, credit/debit card or tertiary student card.*

 

Income details

PAYG applicants:

  • The two most recent payslips, which include the details of your employer (company name and ABN), year-to-date figure, gross and net payments. The most recent payslip must not be greater than one month old.
  • Last three months bank statements showing salary credits into your account from your employer.
  • Letter from the employer confirming annual gross salary, with company letterhead including their ABN.*
  • Past two years tax returns/notice of assessments.*
  • Casual employees may need to provide additional documentation to verify income.

 

Self-employed applicants:

  • Past two years consecutive financial statements and business/personal tax returns.
  • ATO notice of assessments.*
  • Past 12 months business activity statements.*

 

Rental income:

  • Real estate agent’s statement for any existing investment properties OR current lease agreement (max. age 12 months old).
  • Rental appraisal from a real estate agent for any new investment properties OR a rental estimate provided in a valuation report.
  • other-income-sources”>Bank statement to verify rental income credits.*
  • Latest Australian tax return or notice of assessment showing rental income.*

 

Other income sources:

  • Some Centrelink benefits can be regarded as servicing income, and can be included in your loan application. You would mainly need to provide your current Centrelink statement and a bank statement no older than 3 months that shows credits into your bank account.
  • Proof of share dividends or interest earned.
  • Private pension group certificate or statement.

 

Foreign income:

  • Please contact us further to discuss your circumstances in relation to foreign income and servicing implications.

 

Additional documentation requirements

Assets:

Where applicable, lenders like to see the assets you own, and more specifically, they are interested in seeing a history of genuine savings. Most lenders, require a minimum of 6 months genuine savings in a bank statement, which relates to your deposit (whether it be 5%-20%). Therefore, it is best to provide us with all bank statements of any savings accounts or term deposits you may own.

They are also interested in whether you have any other existing property, where you will be required to provide any recent council rates notice, and rental statements where applicable.

Another important asset they may consider looking at would be any vehicle/s you own, the estimated value of the vehicle/s and evidence showing your ownership of the vehicle/s (registration papers).

Superannuation statements are becoming increasingly relevant and may also need to be provided for a home loan application.

 

Liabilities:

Please declare and provide documentation regarding to any outstanding debts you may have, which includes, but is not limited to, personal loans, car loans, home loans, credit cards or store cards. For these, you may need to provide mininum 3 months statements showing the current outstanding amount.
 

First home buyers

  • Bank statements for the last six months showing genuine savings history, which can include term deposit statements, savings account statements etc.
  • If you have other funds being used for the purchase, please provide evidence of where those funds are held.
  • If funds are being given to you by someone, a statutory declaration is required, stating their name, relationship to you, amount gifted and state that it is a non-refundable gift (must be an immediate family member, i.e. mum, dad, brother, sister).
  • First home owners’ grant application form (if applicable).
  • Contract of sale for the property being purchased.

 

Refinancing

  • Statements for the last six months for any existing home loans, credit cards or personal loans you are refinancing.
  • Most recent council rates notice.
  • Building insurance policy for the properties being refinanced.
  • Loan documents for your existing loan – identify if there are any exit fees.

 

Purchasing an additional home

  • Complete assets and liabilities as above.
  • Any (future) rental income that will be earned post-settlement.
  • Contract of sale for the property being purchased.
  • Evidence of funds to complete deposit and transfer.

 

Construction loans

  • A copy of the council approved plans.
  • A copy of the signed building contract.
  • Evidence of builder’s insurance.
  • Quotes for additional work signed, accepted and dated by applicant/s and provider.
  • To discuss further about construction loans, please contact us to provide more information regarding your circumstances.

 

*These items may not be required initially, and are additional verification items that may be requested at the discretion of the lender.

 

If you want to ask any questions and discuss your financial situation, the team at GLEX Financial Services are more than happy to help, and assist you in getting into your new home!