Home loan application checklist

When you go to apply for your home loan, make sure you have all of the following documentation:

  • Proof of income. If you work for an employer this means original pay slips displaying your employer’s name or last year’s group certificate or tax return. If you are self-employed, your financial statements with tax returns for the past two years.
  • Any other income or expenses. This may include trust income, Centrelink benefits, Family Law Court agreements, share dividends or other investment income.
  • Details of your monthly expenses including copies of your household bills, credit card statements, hire purchase agreements and car expenses.
  • Details of any loans you may have, including loan approvals and statements showing regular payments.
  • A copy of your offer and acceptance contract to buy your new home site.
  • A copy of your building contract.
  • Bank statements or other documents that show ‘genuine’ savings. If you want to borrow more than 90% of your property’s value, many banks and lenders will ask you to show genuine savings. This means money that you have saved in a savings account for at least three months. It does not include money from a first home owners grant, and most banks do not accept a money gift from parents, or proceeds from sale of a car as proof of genuine savings.