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What information do you need to supply when applying for a home loan?

When it comes to a home loan application, your broker or bank will need some important information to confirm your identity and your capacity to repay the debt.

Whether you are a first-time home buyer or are refinancing, we’ve put together a list of what information you’ll need when applying for a home loan.

1. Identification

The first thing the lender needs is proof that you are who you say you are.

This means you will have to supply at least one form of primary ID:

  • Passport (Australian or foreign)
  • Australian driver licence or learner driver licence
  • State or territory issued photo identification card

Other forms of ID may be accepted if a primary identification is unavailable, including:

  • Birth certificate (Australian or foreign)
  • Medicare card
  • Australian citizenship certificate
  • Tax assessment notice
  • Debit or credit card showing your name
  • Utility bills showing your name and current address

2. Proof of your income

You’ll need to provide proof of your income to help the bank work out how much you can afford to repay each month.

If you are in full or part-time employment, you’ll need to supply two recent and consecutive payslips. If you are self-employed, you’ll be asked for your most recent tax return and Australian tax notice of assessment. Both documents need to be less than 18 months old.

You will also have to supply documentation regarding additional income such as Centrelink payments, income from a rental property, or a superannuation income stream. Evidence of other income streams could include a letter from Centrelink or your bank statements.

3. Your assets

To get a full picture of your financial situation, your bank or broker will need to know the value of your assets. Assets can include things such as:

  • Savings or term deposits
  • Cars or motorbikes
  • Properties
  • Share portfolio
  • Contents

4. Your liabilities

Do you have a car loan or credit card debt? Whether you are paying back your HECS-HELP loan or that last trip to Europe, you’ll need to confirm the amount owing, credit card limits and the repayment amounts for all debts, including payday loans.

5. Your everyday expenses

As well as your assets and liabilities, your living expenses need to be considered when calculating what you can afford to repay.

This means you’ll need to provide details of how much you spend each month on:

  • Utilities (water, electricity, gas, phone and internet)
  • Transport
  • Groceries
  • Rent
  • Insurance
  • Entertainment
  • Other regular outgoings like streaming-service subscriptions, meal-delivery services and charitable donations

Consider cutting back on some expenses and save a little extra before you apply for a home loan.

6. Other information

If you own a rental property you will need to provide details of any ongoing expenses related to it.

For refinancing applications, the requirements for the information you provide are slightly different. As well as all the above, you’ll be asked for a completed discharge form, which your current lender will also require from you.

Starting out on your home buying journey can seem overwhelming, but we’re here to help. If you have further questions or need some assistance, get in touch with one of our mobile lenders who meet with you in a branch or at a time and place that suits you.