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5 ways to make your home loan application easier this year


Not sure where to start with the home loan application process? We show you some key ways to make it much simpler.

AMP logoSponsored by the AMP. With competitive rates, no AMP fees, unlimited extra repayments and a hassle-free digital application, the AMP Essential Home Loan can provide you with an easy-to-use, no-frills and flexible home loan.

Getting ready to apply for a home loan? The good news is that it doesn't have to be complex. We show you the key things you need to know for an easier home loan application.

👋 Hey there! We've partnered with AMP for this article so we'll be using the AMP Essential Home Loan as an example throughout. However, you should always do your own research and choose a home loan that suits your needs. Make sure to read the product disclosure statement (PDS) and target market determination (TMD) before applying.

1. Opt for a digital application process

Digital applications are far more streamlined than traditional paper applications, leveraging automated tools for assessment and income verification. Digital processes also allow the application to be validated in real time.

They can also provide digital security for your application and records – an important consideration in an online world.

Online loan applications don't have to come from small fintech startups you've never heard of either. Many of Australia's oldest finance brands – like AMP – have invested heavily in the digital space, combining experience with new technology.

Let's take a look at the AMP Essential Home Loan as an example.

The application process is entirely digital and powered by technology from Nano Digital Home Loans. You don't need to upload financial verification documents.

It's a streamlined loan that offers unlimited additional repayments (potentially saving you a substantial amount on interest) and no AMP fees.

It's important to compare your home loan options and look for one that suits your specific needs.

office worker stamping a document

2. Look for lenders with fast approval times

One of the traditional problems with home loans has been finding a lender that doesn't take weeks to give you an outcome on your application.

Although this has been improving in recent years, it's still not unheard of. So before you apply, it's worth checking the lender's turnaround times for applications.

Let's take a look at an example. In many cases, a conditional approval will be received immediately with AMP's Essential Home Loan, and unconditional approval is possible within an hour.

Having a quicker approval process makes it easier to take advantage of property opportunities. Whether you're looking to purchase your first home or are refinancing an existing mortgage, it means you're not stuck in limbo.

couple looking at a laptop screen

3. Check your credit score

Credit scores don't have the same cultural prominence in Australia that they do in the US, but that doesn't mean they're unimportant.

They can have a real impact on the types of loans you'll have access to as a borrower. Indeed, they can impact whether you'll be able to borrow or not at all.

So checking your credit score before you start the application process is key.

If your credit score isn't so great, you may need to reconsider whether now is the best time for you to borrow. There are also steps you can take to improve your credit score.

4. Gather your documents ahead of time

Digital application processes don't tend to be as document-heavy as the traditional paper-based process. However, it is still important to have some key pieces of information handy.

Generally, you'll need to be able to prove your identity, provide proof of income and assets and offer clear information about the property you're looking to buy.

AMP's digital application technology can verify your income digitally, without the need to upload excessive documents.

Every lender is different, but our guide to the documents you need for a home loan application will give you an overview of some of the most common considerations.

person holding a piece of paper with a tiny house model on the desk

5. Don't send scattershot applications

A common mistake many new borrowers make is applying for multiple loans at the same time to "increase their chances" of getting a successful loan.

But this is a bad idea. As part of the application process, lenders make inquiries about your lending history. If it looks like you're applying for multiple loans at once, it can raise suspicions, reduce your chance of approval and damage your credit rating.

A representative from the lender should be able to answer any questions you may have about the loan product ahead of time. So make sure you look at a loan in detail before you send an application.

Discover more about the AMP Essential Home Loan

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