Home Loan Documentation Checklist Overview
A key part of the home loan process is that of obtaining the right information that the lender requires.
There are different requirements for different types of home loans and to expedite the process the provision of information is quite important.
Providing the documents that the lending institution requires will help save time and also allows the lender to assess the application thoroughly and come back with an answer on your application promptly.
What we have done is highlight the information that a lender requires and also touch on the different types of home loans and applicant types as each applicant type requires a different set of documents for the type of product chosen.
Please browse through the below documentation checklist and also remember that with each application we provide you with a home loan checklist as a guide on what information is required.
Home Loans Identification Checklist
No matter what type of home loan you apply for the identification requirements are standard across the board.
All home lenders require a minimum of 100pts of identification with one of those forms of identification requiring a photo ID and signature.
Generally a current driver's license and passport will provide 100pts of ID and also a Medicare card as this shows how many dependants you have if any.
With every application we also provide a customer checklist which highlights specifically what the home loan provider is after.
PAYG Employed Home Loan Applicants
This type of home loan is the most common in the market and the documentation requirements from an income point of view for these products are as per below:
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Latest 3 payslips |
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Letter from employer on company letterhead stating your salary and entitlements |
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Tax returns and or PAYG summaries for 1 to 2 years |
This is generally what a lender requires for this type of home loan, lending institutions will sometimes ask for more information but we will highlight the requirements of each lender depending on the home loan you choose.
Self Employed Applicants - Full Doc Home Loans
Self employed applicants can also obtain full doc home loans as long as there is evidence of income by way of tax returns and notices of assessment. Some of the additional items that lenders require for self employed applicants are below:
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Interim P&L statements |
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A letter from accountant certifying accounts |
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Proof of ABN or ACN registration and GST registration is applicable |
Generally there is only a little more that home loan providers required for full doc self employed applicants to provide.
Remember that each lender has it's own set of requirements and we will let you know exactly what that lender requires right from the beginning.
Self Employed Applicants - Lo Doc Home Loans
Lo doc home loans require similar documentation to full doc home loans with the key difference being that of verifying your income.
Rather than provide pay slips or tax returns a lo doc home loan requires an income declaration to be signed, this is where you state your yearly income and the lending institution then uses this information to assess your ability to service the proposed debt.
Construction Home Loans Documentation
When it comes to construction home loans the lender requires a similar set of documents to that for the purchase of an existing property.
The additional information that is required for construction home loans comes in the form of providing the lending institution with the following information:
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Fixed price building contract from the builder/construction company |
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Council approved plans and permits |
This information may vary if you are an owner builder so contact us to find out more about the documentation requirements for a construction.
Documentation for Home Loan Refinancing
When it comes to a home loan refinance there are some key documents that lenders need to complete the refinance.
These documents for a home loan refinance are listed below for your reference:
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6 months of home loan statements up to current |
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Rates Notice |
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Certificate of title |
If you are refinancing a home loan which is for an investment property then a rental statement will also be required.
Other Liabilities - Home Loan Documentation
All lenders need to assess a home loan application not only form an income point of view but also from an expense point of view.
Expenses are known as liabilities in the industry and below we have listed what you need to provide as part of the application:
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Copies of loan agreements for existing personal loans, leases etc |
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Credit card statements for 3 months |
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Copy of 6 months statements for any loans |
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Cope of HECS statement (if applicable) |
This information is provided only if applicable and home loan providers do need this information if applicable to assess the application thoroughly.
Our home loan consultants will provide you with a detailed checklist of all the information that a lending institution requires from the beginning so you know exactly what to do.
Now that you have an idea of what is required all you need to do is contact us and we will arrange the home loan and guide you through the documentation process every step of the way.
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