Home loan application checklist

To take the stress out of applying for a home loan, it’s important to have your documents organised and ready in advance. Often, home loan applications are stalled due to missing requirements so preparing them beforehand is a good idea.

So, what are the documents required for a home loan? Our handy checklist below enumerates what you’ll need when applying for a loan with us

Personal identification

Home lenders need your personal identification to verify your identity and abide by regulatory obligations relating to Anti-Money Laundering and Terrorism.

To meet identification requirements, you’ll need to provide a form of primary identification, including:

• Passport

• Driver’s license

• State or Territory-issued photo identification card, such as a Proof of Age Card

If you are unable to provide any primary identification to meet loan requirements, you can present two forms of secondary identification, such as:

• Birth certificate

• Medicare card

• Australian Citizenship certificate

• Utility bills with name and current address

• Tax assessment notice

• Debit/Credit card with your name

Proof of income

Your proof of income will help to determine your home loan eligibility. The documents you provide will vary based on your conditions of employment.

Full-time or part-time employment

For full-time or part-time employees, you will need to present two of your latest payslips, your employment contract or a letter from your employer that contains the details of your employment, such as the basic salary, allowances, and length of employment. You can also present three months' worth of bank statements proving your income.

Self-employed

If you're self-employed, the documents you will need for your home loan application include:

• Individual tax return (not older than 22 ½ months) and accompanying Australian Tax Office notice of assessment

• Business tax return, profit and loss statement and balance sheet (not older than 22 ½ months)

Rental income

If you receive rental income, you will need to provide a letter from a real estate agent confirming your rental income. You will also need to provide:

• Current Residential Tenancy Agreement (excluding private lease agreement)

• Bank statements confirming rental payments for the last 3 months

• Tax return with rental income included

Other income sources

Other sources of income can generally include dividends, superannuation, foreign income, and other government income sources.

If you have any foreign income, superannuation/pension/annuity or other government income sources, you should provide evidence of that income for the last 3 months.

If you have interest or dividend income, you should provide evidence confirming both the current balance of that asset and the income earned for the last 12 months.

List of assets

Naming the assets you own includes anything that has a tangible or precise measurable value. When it comes to detailing the value of your assets, think about their current market value. This way we can assess your financial situation to determine your financial position. If the items are insured, you can quote the insured amount as a guide.

Assets that have a measurable value might include:

• Property, including land

• Motor vehicles (car, motorbike, boat, etc.)

• Investments, such as share portfolios or term deposits

• Superannuation

• Savings

• Professional equipment (i.e., tools of trade)

• Home contents (i.e., the insured amount)

List of liabilities

Liabilities are your outstanding debts from your credit cards and other ongoing loan repayments, such as car loans and personal loans. You’ll need to provide three months' statements of your credit cards and loans. You’ll also need to provide information about everyday living expenses.

Everyday living expenses

• Regular utility bills including gas, power, water, mobile phone and pay TV subscriptions.

• Council rates, body corporate and any ongoing maintenance.

• Transaction account and/or credit card statements. This could help estimate your monthly expenditure on things like groceries, eating out, movies, gym membership, insurance premiums and so on.

You may also be asked about more significant expenses that occur irregularly, such as school or tertiary education costs and childcare or child support payments.

Ongoing rental expenses

If you are going to continue renting after you have bought a home, you may need to provide:

• Three months of bank statements showing rental payments made

• Current formal lease agreement (a private lease agreement is not acceptable)

Other requirements for different home buyers

Each home loan buyer is unique, so the requirements needed may not apply to your borrowing situation.

Here’s a brief list of the necessary documents needed based on what kind of home buyer you are:

First-time home buyer

If you are a first-time home buyer, you may benefit from the First Home Owner Grant scheme (FHOG), where you receive a one-off payment from your relevant state or territory.

Take note, the criteria and the amount you save will vary across States and Territories and will be applied to your home loan balance.

For more information, check out our guide to the first home owner’s grant to determine whether you are eligible in your relevant state or territory.

Refinancing a home loan

If you are looking to refinance your current home loan, the following are a list of documents you will require for home loan refinancing approval.

• Last two consecutive payslips for PAYG taxpayers

• Last two years’ tax returns with an ATO Notice of Assessment for those self-employed

• Three months of recent bank and credit card statements

• A copy of the Contract of Sale for the property you are refinancing

• If you have a benefactor who has given you a deposit to assist in the property purchase, you will need to provide evidence detailing the contribution

• If the property is a rental, evidence of rental income is to be provided

• Six months of statements for your current home loan

• A copy of your current rate notices and evidence of payment

Get a home loan application checklist

To make things easier for you, we’ve created a printable checklist that you can use to track your progress. Review it, take notes, and keep track of your requirements so you can breeze through the whole home application process.

Download your checklist

If you have any questions about the requirements for your home loan application, don’t hesitate to contact our team. Call 13 10 90 to speak with our friendly lending specialists.