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If you’re trying to get a home loan, you can speed up the process by having everything organised before you apply. Along with your application, you’ll need to make sure you have all your supporting documents in order.
This guide will help you put together your supporting documents and get your home loan approved as quickly as possible.
Your home loan application needs to come with supporting documentation. Make sure you have the following:
Let's look at these documents in more detail.
Any lender you go through will have identification requirements. This means you’ll have to provide 100 points of ID in the form of either two primary identification documents or one primary and one or more secondary identification documents. The tables below outline what documents are considered primary and secondary options, and how many points they are worth.
Birth certificate | 70 points |
Name change certificate | 70 points |
Current passport | 70 points |
Expired passport that was not cancelled and was current within the preceding two years | 70 points |
Citizenship certificates | 70 points |
Diplomatic documents and official documents issued to refugees | 70 points |
Driver’s licence | 40 points |
State or Territory issued photo ID card | 40 points |
Photo ID issued by tertiary education institute | 40 points |
Photo card issued by banking institution where you have been a customer for at least 12 months | 40 points |
Public service ID card including your photo and signature | 40 points |
Licence or permit issued by State, Territory or Commonwealth government, such as a boating licence | 40 points |
Letter confirming your identity from referee you’ve known for at least 12 months | 40 points |
Mortgage documents | 35 points |
Council rates notice | 35 points |
Credit card statement | 25 points |
Foreign driver’s licence | 25 points |
Medicare card | 25 points |
Credit card (must have name and signature) | 25 points |
Utility bill with name and current address | 25 points |
EFTPOS card (must have name and signature) | 25 points |
If you can’t produce 100 points of identification using the documents above, talk to your lender or mortgage broker as there might be other forms of documentation you can use. There are also some scenarios where you may not need to provide identification documents. For example, if you’re applying for a home loan from a lender with which you already have a transaction account, personal loan, savings account or other products, you will have already gone through the identification process and may not have to do it again.
You can prove your income in different ways depending on your employment circumstances. If you’re a PAYG employee, the process is relatively straightforward. If you’re a casual worker or are self-employed, however, you might need a different set of documents.
As a PAYG employee, you’ll have to provide a recent payslip (in most cases no older than two months) stating your year-to-date (YTD) income. Some lenders might ask for multiple payslips, so check each individual lender’s requirements. If you can’t track down your recent payslips, most lenders will also accept the past three months’ worth of bank statements showing your salary going into your account. Some lenders will also accept an employment contract and letter from your employer stating your current base wage, or a tax return that’s prepared by a tax agent.
If you’re a casual worker, you’ll need to provide last financial year’s notice of assessment from the ATO.
Self-employed borrowers generally need to seek out low documentation, or low doc, loans. This term can be somewhat misleading, as the amount of documentation you need is not generally less than with traditional home loans. You just need to produce different documentation. Instead of PAYG statements, you can provide your lender with your most recent notice of assessment from the ATO. Lenders will also want to see tax agent prepared business and individual tax returns from the last financial year. Some lenders might also accept a letter from your accountant or a Business Activity Statement (BAS).
If you have multiple forms of income, you’ll have to provide documentation for each source. The type of documentation required will depend upon the type of income.
A lender will not only want to see your income, but also your assets and liabilities in order to assess your full financial position. This will give them a better idea of whether or not you’re a credit risk. Put simply, assets are anything you own, while liabilities are anything you owe.
Assets could be other properties, vehicles, term deposits or high interest savings accounts. You’ll need to provide documentation, such as your vehicle registration or any relevant bank statements, for each asset you list on your application.
Details about your assets are important because lenders want to see that you have enough money for a deposit and have a history of genuine savings. You’ll also need to provide your potential lender with bank statements if your savings account is with a different financial institution. When it comes to a deposit, most banks require proof of six months’ worth of genuine savings, so it’s wise to bring along at least your last six bank statements.
Liabilities are any outstanding debts or ongoing payments for products such as personal loans, vehicle loans, credit cards or store cards. You’ll need to bring statements that show the current outstanding balance for each liability. For credit cards and store cards, you can provide your most recent statement. For loans, you should provide your last three statements.
Here are a few other documents you might want to provide depending on your situation.
While documentation requirements vary from lender to lender, being prepared will make your home loan application process smoother in the long run.
Here are a few common questions many borrowers have about the home loan process.
Most lenders can process a home loan application in a matter of days, provided your documentation is all in order. However, if you're talking about the time between application and settlement you're talking a four to six weeks, according to most lenders.
Getting all your paperwork together in advance is the smartest way to avoid delays. But if you really are in a hurry then this guide to fast home loan application is a good start. And there are also some online lenders like Tic:Toc who offer very fast digital applications that can take minutes rather than days.
You can. There are many online lenders in the market who only offer online service and don't have physical branches. You can compare their products and learn more on this page.
Keep in mind that some parts of the home buying process, such as dealing with a conveyancer, typically require a face-to-face meeting.
This does happen. The trick is not to panic. Instead you need to work out where you went wrong and take the necessary steps to have a solid application next time.
Application rejected? Here's what you need to do
After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.
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