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What are the documents you need for a Home Loan?

Home Loans, Mortgage Broker Gold Coast and NerangApplying for a home loan is a very big step.

And it’s not always straight forward.  To help make it simple…

Here is a handy list of the documents you are likely to need when you meet with your mortgage broker.

If you’re ready to buy a home and you’re going to borrow…

You will need a home loan:

Now, before you go rushing off to meet with your broker, be sure that you have all the necessary documents ready to prove your identity, income, assets and liabilities.

This will speed up the whole process:

Your Identity:

You will need two from this list…

  • passport
  • driver’s licence
  • photo identification (such as a university identification card or proof of age card).

If you don’t have two of these items, then…

You can provide one plus…

  • a birth certificate
  • Medicare card
  • citizenship certificate or similar documentation.

Your Income:

If you are employed on a full-time basis…

You will need to prove your income by providing…

  • Your most recent PAYG payslip (including YTD income of at least three months)
  • If your payslips don’t list your YTD income, you will need to provide previous payslips

You may also need to provide:

  • Your employment contract
  • An ATO tax assessment
  • A PAYG summary
  • A professionally prepared tax return

If you are self-employed…

You’ll need to provide:

  • Your individual tax return and ATO assessment notices for one year
  • Your last 2 years business financial documents including tax return, profit and loss statement, and balance sheet.
  • You may also need BAS statements or other documents from your accountant

Regardless if you are self-employed or not…

Any other income you receive will also need to be documented.

For example…

  • if you own an investment property… provide a current lease, tax return listing the rental income or a letter from the leasing agent
  • if you own shares… bring a statement, investment record or tax return
  • if you receive any government benefits… bring a Centrelink statement

Your Assets:

You will need to provide:

  • Bank account statements showing your savings
  • Be able to provide details and values of any other assets, such as cars, shares, term deposits and property

Your Liabilities:

You will need to provide:

  • The most recent statements for your credit cards, store cards and other secured or unsecured loans.

Where possible you should pay down your debts and reduced the limits on credit cards to give you the best chance of approval.

This can increase your capacity to borrow:

Lenders assess your ability to make repayments on your credit limits, and not just the amount you owe.

Are you refinancing a home loan?

If you are refinancing a loan…

You will need the past six months’ loan statements and an idea of the current payout figure, including any exit fees.

Of course, depending on your personal circumstances and the requirements of your individual lender, the documentation you need will be different.

That’s where I can help you:

As I am your local MFAA Approved Finance Broker…

I can tell you exactly what to provide to the lender and take all the confusion out of applying for any loan.

If you require any advice or support for any other financial matter you may be considering, I’ll be happy to sit down with you and clearly explain the best available choices for your financial situation.

Refinancing a home loan doesn’t have to be a stressful experience.

Give me a call on…

0408 761 847

In the meantime have a look at the home loan calculator to provide you with a guide on repayments.

Look forward to your call.

Angela Hilton

Hilton of Finance

Reliable Financial Advice and Support

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