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When it comes to home loans and first home owners it is easy to become overwhelmed at the information required to move forward with a home loan and the first home owners grant, so we have prepared a checklist for you which covers off some of the key information that lending institutions and the First Home Owners grant scheme requires.
Keep in mind that every person has different circumstances and although some of the information required is standard across the board the fact is that the information required will vary from person to person.
What we have done is highlight the information required by lending institutions and the first home owners grant scheme below and we have also broken down the information required into sections so it is simpler to understand:
Home Loan and First Home Owners Grant Identification Checklist
When it comes to identification there is a minimum requirement for 100pts to be obtained for both a home loan and the first home owners grant.
The 100pts required can come in different forms with one mandatory requirement being that of a photo ID which shows a date of birth and residential address.
We have highlighted the ID below and shown the point value for each for your reference:
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A copy of a passport, Birth Certificate or Citizenship certificate - 70pts |
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Drivers License or an ID card issued by the Commonwealth - 40pts |
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Pension Card, Student Card or Public Service Employee Card - 40pts |
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Rates Notice or Certificate of Title - 35pts |
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Utility Bill with applicants name - 25pts |
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Medicare, ATM or Credit card - 25ots |
There are other forms of identification that are acceptable for home loans or the first home owners grant so contact us if you're unsure.
Home Loan Income Verification Checklist
Home loan providers will require some or all of the below so they can assess you ability to service the proposed debt.
Please see below for further detail on what a lending institution may require to assess your home loan application.
For full doc home loans the lender will require some or all of the below:
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3 most recent payslips |
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Letter from employment on letterhead |
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PAYG Summaries and or ATO notices |
For lo doc home loans the lender will require some or all of the below:
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Income declaration |
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Accountants letter |
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GST registration |
As mentioned, different lending institutions have their own assessment policies so the requirements will differ from one home loan provider to another.
Property Information
A home loan provider requires certain information when a purchase is made and we have detailed these requirements below for you.
Remember that each lender is different and may require some or all of the below:
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Contract of sale |
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Receipt of deposit paid or deposit bond |
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Details of the solicitor or conveying agent you have engaged |
These are the basics of the information that a lending institution requires, as mentioned this may be enough but some lenders may require more. To find out more on this just contact us.
Construction of Property
The construction of a property does require more information for the home loan provider although it is easy enough to obtain as this information is provided to you as part of a construction scenario.
Some of the key items that a lender will ask for when a construction is involved are detailed below:
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Fixed price building contract |
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Design plans with council approvals |
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Contract of sale for the land |
Some home loan providers request certain items to be included in the building contract such as paved driveways or fencing for example. As mentioned each lender can differ so to find out more contact one of our home loan consultants.
Liabilities
All lending institutions will request information regarding your liabilities, the reason that this is asked for is that they are then able to accurately determine you ability to repay the proposed home loan debt.
Let's have a look at some of the items which a home loan provider will request:
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Loan agreements for personal or vehicle loans |
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3 months of credit card statements |
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Repayment history for 3 or 6 months of all other loan types (including home loans) |
There may be other liabilities not included above so if you have any questions just contact us and speak with one of our consultants for further information.
Other Relevant Information
There are times where a lender may ask for more information; some often overlooked items are things like:
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HECS statement |
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Statutory declaration if a gift of funds is involved |
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Written explanation of any defaults |
These types of items can come up and will depend on whether or not the lender requires further clarification or to simply verify existing information.
How can AussieWise help me with the grant and a home loan?
We can help you by providing as much information as possible on the first home owners grant and home loan requirements within this website as a starting point.
In addition to this we have a great team that are able to answer your questions with regard the first home owners grant or home loans and the information required by lenders and or government bodies.
Why not contact us and see how we can help you with your needs.
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