Mortgage application and financial paperwork

What documents do I need to provide with a home loan application?

When you apply for a home loan, you will need to provide a number of documents to support your application. In addition to verifying your identity, your lender will use your supporting documents to make their loan assessment. At emoney, we recommend getting all your documents together to help speed up the application process.

1. Identity documents

Every lender will require proof of identification, which means you will need to provide documents to meet the 100-point ID check. This can be in the form of a passport and birth certificate or driver’s licence. If we are unable to meet you face to face, you may also need to take your original documents to an external party like Australia Post to have these verified.

2. Evidence of employment and income

Your employment circumstances dictate what documents will be required as evidence of your income.

PAYG employee
If you are in someone else’s employ and pay PAYG, you will be expected to provide your most recent payslips to show you are in steady employment and receive regular pay.

Lender requirements regarding proof of income for self-employed borrowers tend to vary significantly. If you are self-employed, you need to supply documents to show the financial stability of your business as well as documents relating to your personal income. Typically, supporting documents include your most recent tax assessment notice as well as business and individual tax returns. Your lending specialist will be able to advise what documents are required.

3. Details of assets and liabilities

Proof of savings
You will need to supply your most recent bank statements (usually for the last 3 months) to show how you saved your deposit. Lenders prefer to see evidence of genuine savings (money you have regularly deposited into an account). In some circumstances, your lender may take your rental repayment history as evidence of regular savings.

Proof of debt
Your lender will check your credit history so make sure you include evidence of any debt you may have. Documents to present include recent credit card statements, bills and loan statements

Proof of assets
Relevant assets include such things as vehicles, property and shares. Be sure to provide documentation like vehicle registrations, council tax bills or share statements as proof of your assets.

4. Purchase contract

Once you have found a property and signed the contract, you should supply a copy to your lender so they can arrange a valuation.

5. Other documentation

If you are applying for the First Home Owner Grant, your lender will need to see the completed application form.

If you are applying for a guarantor home loan, your guarantor will also need to provide documentation showing their identity, income, assets and liabilities.

If you are applying for a construction loan, you will need to supply documentation associated with building your new home, like your fixed pricing building contract.

If you are investing in property your lender will expect to see details of the existing investment property income, like a lease agreement and receipt of rental income (if applicable).

If you are refinancing your existing home, supporting documents would include recent statements for the current loan, council rates notice, building insurance certificate and details of any debt you would like to consolidate (if applicable).

To discuss your home loan application in greater detail, contact one of our helpful lending specialists today.

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