What You’ll Need For A Loan Application
To make thinh=gs nice and easy for you – here’s a home loan application checklist for you to review. Please bear in mind that usually, we don’t need every one of these documents, but we have provided different options if possible to make the whole process easier for you.
Personal ID to prove who you are
You will need at least two current forms of ID:
- Driver’s licence
- Passport
- Photo ID (such as a Proof of Age Card, Australian tertiary institution card, Department of Defence, Waterways/Boat Licence).
If You don’t have any of the above
It is usually a requirement to provide two of the following original documents:
- Birth certificate
- Citizenship certificate
- Centrelink Pension Card
- Medicare card
- Utility bill (which needs to be less than three months old)
- Rates notice (which needs to be less than three months old)
- Tax assessment notice (which needs to be less than 12 months old).
Proving & Verifying your income
To verify your income, you will need to provide:
- Recent payslips confirming at least the last 3 months Year To Date (YTD) income; or
- Bank records as evidence of your salary credited to your account for the past 3 months.
- A tax return (not older than 18 months) and a notice of assessment relating to that tax return
- A letter by your employer to confirm employment.
- A tax return (that is in your name) and a Notice of Assessment from the ATO less than 18 months from the current date
- You will also need your Business Tax Return, Profit and Loss Statement as well as your Balance Sheet which are less than 18 months from the current date.
- A signed lease (either current or new)
- A copy of the most recent rental statement
- Rental deposits showing on a bank statement for the past 3 months
- A tax return less than 18 months old showing the rental income.
What other financial information is required
A detail list of your assets and liabilities will also be required to help a lender determine your capacity to repay the loan. Expenses Current requirements also mean that there will be detailed questions about your everyday living expenses – so it is good to make a detailed list of all your outgoings and living expenses and these will also need to be verified with bank statements, credit card records etc.Refinancing Your Existing Loan
If you are looking to refinance your home loan with a different lender then you’ll need
Home loan statements for the last 3 months
A current payout quote of your existing loan – including all fees and charges as well as any early repayment costs or exit fees
Details of your property purchase or construction project
If you’re buying an existing property then you’ll need:
- Signed Contract
- Transfer of Land documents
- Property Insurance policy or cover note
- Approval by your Council of building plans including specifications and a Building Permit
- A copy of a Fixed Price Builders Contract
Details of your insurances
Lenders also need to know what insurance (protection) you have in place such as:-
- house and contents insurance
- Investment property insurance
- Income protection
- Life insurance including Total and permanent disablement cover and Trauma cover.
Whilst this seems a little bit daunting – it is a good idea to get working of getting all your paperwork together as early on in the process – this will make the application process a lot quicker, smoother and certainly less stressful. To discuss your needs and requirements call Miller Finance today – we’ll get you sorted.
