The documentation you need to apply for a mortgage will vary according the purpose of the loan and your personal situation. For most home loans, the documentation you will need includes:
Proof of identity. You will need to provide several forms of identification and please note that the original documents will be required. You can provide the required proof with “100” points of identity verification. This will include one of the following:
- Current, valid passport
- Australian driver’s license
- Australian proof of age card
Or you could provide two of the following documents:
- Birth certificate
- Medicare Card
- Citizenship certificate
- Pension card issued by Centrelink
- Overseas driver’s license
- A recent household bill – rates notice, phone or electricity bill for example
Proof of income. You will need to provide proof of all the income that you receive. This may include your salary or wages from your job/s, Centrelink payments, income from rental property, income from any trust or annuity or more. For most people, the proof of income documentation you provide should include:
- Complete bank account statements for at least three months
- Three payslips from your employer/s
- A copy of your employment contract, or a letter from your employer detailing your current base wage
- A PAYG payment summary from the ATO
- Your last tax return
If you are self-employed, you will also need:
- Copies of your last two BAS statements
- Your most recent personal tax return
- Your most recent business tax returns including financial statements
- Your most recent ATO Notice of Assessment.
If you earn rental income from investment property, you will need to provide:
- Statement or letter from the Property Manager/Real Estate Agent
- Current lease agreement
- Most recent tax returns showing your ownership of the rental property
- Bank account statements showing three months of rental income credits.
If you receive Government Income, you’ll need one of the following:
- Bank account statements showing three months of payment credits.
- A letter from Centrelink confirming your benefit amount.
If you earn income from other investments or another source:
- Bank account statements showing three months of the income payment credits.
- A copy of your latest tax return detailing the income.
- Any other documentation for the investment which supports its existence/income payable.
Confirmation of your deposit. The lender will require confirmation of the deposit you have saved for your purchase and of any other funds that will be contributing toward the purchase. This will require:
- A copy of your last three bank statements showing the funds
- A Statutory Declaration for any funds that are being given to you to put towards the purchase if these funds are not already in your bank account.
Verification of outstanding debts. Some lenders may ask you to verify any debts you may have including personal loans, credit cards, store credit and other property loans. For this you may require:
- Personal loan and credit card statements for the past six months
- Documentation for any store credit arrangements.
For Refinancers. You will be required to provide some additional information regarding your current home loan in addition to the above documentation. This includes:
- Documentation about your existing home loan/s.
- Bank account statements for all home and personal loans for the previous six months.
- The latest Council Rates Notice and building insurance policy for the property/s being used as security for the loan.
- Credit card statements for the last 6 months, or if you don’t owe anything on your credit card, the most recent statement will do.