Home Loan Application Checklist
First Time Home Buyer
- Required to provide documentation as noted in the following sections.
- May benefit from the First Home Owner Grant scheme (FHOG) with a one-off payment from the relevant State or Territory. (Note: Criteria and benefits vary across States and Territories).
1. Personal Identification
- Valid passport
- Australian driver’s license
- Birth certificate
- Medicare card
- Secondary identification (if required): utility bills, bank statements, etc.
2. Financial Information
- Recent payslips (last 3-6 months)
- Bank statements (last 3-6 months)
- Tax returns and Notice of Assessment (NOA) for the last two years
- Details of current assets: savings, investments, other properties, etc.
- Details of current liabilities: credit card debts, personal loans, other mortgages, etc.
- Proof of savings: account statements showing regular savings
- Rental income statements (if applicable)
- Superannuation statements
3. Employment Details
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For Full-Time or Part-Time Employees:
- Recent payslip within 60 days, showing a Year-to-Date (YTD) figure that covers at least 3 months of continuous employment, if your salary is not deposited into an ANZ account for the past 3 months.
- If the YTD figure is less than 3 months, provide two consecutive payslips, each no older than 60 days.
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For Casual Employees:
- Latest payslip within 60 days with a YTD duration of at least 6 months, required if salary is not deposited into an ANZ account for the past 6 months.
- If YTD is under 6 months, also provide an ATO Income Statement, tax return with ATO Notice of Assessment, PAYG summary, or a previous period payslip.
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For Self-Employed Individuals:
- Individual tax return and ATO notice of assessment from the past year, not exceeding 22 ½ months in age.
- Business tax return, along with profit and loss statement and balance sheet from the past year, not older than 22 ½ months.
- For those receiving regular wages from their own company: ATO Income statement showing a minimum of 6 months’ income and one recent payslip, not older than 60 days.
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For Rental Income:
- Current signed lease agreement (private lease agreements excluded).
- Bank statements showing rental income for the last 3 months.
- Most recent tax return that includes rental income details.
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Other Sources of Income:
- Proof of any foreign income, superannuation, pension, annuity, or government income, typically for the last 3 months.
- Confirmation of interest or dividend income, along with current asset balance and earnings for the past year.
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4. Employment Details
- Employer’s name, address, and contact information.
- Duration of current employment status.
- If applicable, a copy of your employment contract.
- Information about any recent or expected changes in employment status.
- Additional documents as specified above for casual and self-employed applicants.
5. Property Information
- Contract of sale (if already chosen a property)
- Real estate agent details (if applicable)
- Conveyancer or solicitor’s details
- Building and pest inspection reports (if already completed)
- Council zoning certificates (if applicable)
6. Loan Specifics
7. Additional Documents (If Applicable)
- Self-employed: Business financial statements for the last two years
- Rental property owners: Property management statements
- Investors: Investment portfolio statements
- Divorce or separation agreement (if applicable)
- Proof of alimony/child support payments (if applicable)
- Government benefits statement (if applicable)
8. Legal and Advisory
- Contact details of legal advisor or conveyancer
- Financial advisor details (if applicable)
9. Insurance
10. Additional Considerations
- Understand your credit score
- Review your budget and borrowing capacity
- Research government grants or concessions (e.g., First Home Owner Grant)
- Familiarize with home loan terms and conditions
11. Pre-Application
- Compare different home loan products and lenders
- Decide on a mortgage broker (if using one)
- Attend pre-application meeting with broker or lender
12. Post-Application
- Track application status
- Prepare for property valuation (if required by lender)
- Finalize home and contents insurance before settlement
- Ready deposit and settlement funds
13. Settlement
- Review and sign mortgage documents
- Coordinate settlement date with conveyancer and lender
- Confirm transfer of funds on settlement day
14. After Settlement
- Set up loan repayments
- Review loan annually for possible refinancing or adjustments
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