Required Documents

Generally, all lenders require you to provide the same information and documents.  However, if you are self-employed and are applying for a "low doc" loan other information may be required.  This is discussed below.

 

Identification

It is a legal requirement for you to present original documents to identify you.

  • Passport
  • Driver's licence

 

Income - PAYG

  • Two consecutive pay slips that show year-to-date income and are less than four weeks old OR your last group certificate AND your most recent tax assessment.

 

Income - Self-Employed

  • Most recent two years' personal income tax returns
  • Most recent two years' company/business tax returns
  • Most recent two years' business accounts
  • Latest tax assessment notice

 

Savings History

Lenders need you to show that you have a savings discipline.  That is, you have accumulated some savings.  This can take various forms:

  • six months bank statement(s) showing that you have saved
  • share holdings statement(s)
  • managed funds statements
  • Term deposits
  • Equity in existing property
  • Equity in another property

 

Loans and Credit Cards

  • Copy of most recent statement for all cards held
  • Copies of six months of all loan statements

 

Purchasing Property

If you have already selected a property

  • Copy of Contract for Sale or Offer and Acceptance document

 

Refinancing and Debt Consolidation

You may feel that you can obtain a better interest rate by changing lenders and/or have several loans that could be combined by a lender offering a better rate on the total consolidated loan.

  • Copies of all loan statements for the last full year
  • Proof of ownership of any relevant assets e.g. rates notice

 

Property Investors

If you have income from renting out property, a sizeable proportion of this is added to income from other sources, e.g. salaries when a lender calculates your ability to service a loan.

  • Copy of current lease agreement OR recent ret statements you have received from your property manager OR a letter from the property manager managing your properties authenticating the rent you receive

 

Borrowing for Construction of Your Property

  • Copy of all specifications and plans
  • Copy of fixed price building contract

 

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