First Home Loan FAQs | Home Loan Checklist

HOME LOAN CHECKLIST

Here’s a home loan application checklist for your reference. We don’t need every single one of these documents, but have provided options wherever possible to make things easier for you.

PERSONAL IDENTIFICATION

Primary Photo Identification:

Current passport
Current driver’s licence
Current Proof of Age card or other state or territory issued photo card
Current passport
Current driver’s licence
Current Proof of Age card or other state or territory issued photo card

OR

Secondary Identification: (if the above cannot be provided

Birth certificate
Medicare card
Citizenship certificate
Recent utility bills with your name and current address
Tax assessment notices
Debit/credit card information

ASSETS AND LIABILITIES

Detailed list of your assets
Debit/credit card statements
Superannuation statements
Personal loan statements (if any)
Store card statements (if any)
Information about any shares you own
Account statements from the past three months for all loan, savings and transaction accounts (including proof of your deposit)

PROPERTY DETAILS

If you're buying an existing property:

Signed contract of sale

If you're building a property:

Signed contract of sale
Council approved building plans and specifications or a builder’s permit
A Fixed Price Builders Contract

INCOME DETAILS

Employee (full-time, part-time, casual):

Two or three of your most recent payslips
Payment summary from your employer

Self-employed:

Your ABN ATO tax assessments from the past two years

Rental income:

Signed lease
Most recent rental statement

Foreign income:

Evidence from the last three months

Government income (e.g., superannuation, pension, annuity, etc.):

Evidence from the three months

Interest or dividend income:

Evidence of the asset’s current balance
Income earned in the last 12 months

EXPENSES (USUALLY MONTHLY)

Current rent or board
Higher Education/Vocational Training
Insurance (including life, health, sickness and personal accident)
Utility bills
Transport
Telephone/internet/pay TV/media streaming plans and subscriptions
Recreation and entertainment
Private or independent school and/or tuition (primary and secondary)
Current child support details

SPECIAL DOCUMENTATION

Remember, different lenders will have different requirements you’ll need to meet to be eligible for their loans, so it’s important to do your research when looking at home loans. If you’re finding it difficult to determine your eligibility for a home loan or prepare your application, getting in touch with a broker can help.

Medical professionals

To be eligible for specialised home loans for doctors, you’ll need to meet some additional criteria. When applying to a lender, you’ll need proof of:

Your current profession
Your registration with a recognised industry association in your field, such as the Medical Practitioners Board of Australia

Engineers

To apply for home loans for engineers or other home loans for professionals, you’ll need to provide some additional documentation. These documents prove that you’re a working engineer and a registered professional in your field.

You will need to provide:

Your current profession
Your membership to a recognised association in your field/industry

IT Professionals

To apply for home loans for IT professionals or other home loans for professionals, you’ll need to provide some additional documentation. This documentation proves that you’re a working professional and that you’ll capable of paying off your loan.

One of the main benefits of home loans for professionals is the ability to receive an LMI waiver, which means you pay reduced or no Lender’s Mortgage Insurance on your loan if you make a smaller deposit. This can save you thousands of dollars.

To be eligible for an LMI waiver and other benefits, you must prove you have:

Current employment as an IT professional
Remained with your current employer for at least one year or have worked as an IT professional for at least two years
Sufficient funds for a 15% deposit, with 5% of this deposit in genuine savings
Sufficient funds for stamp duty and other purchasing costs
A clean credit history/credit file with no defaults, bankruptcies, etc.
A stable financial position in order to meet general credit lender policy

Lawyers

To apply for home loans for lawyers or other home loans for professionals, you’ll need to provide some additional documentation. These documents prove that you’re a registered and practicing lawyer and that you’re likely to be able to pay back your loan.

Income requirements

You’ll need to prove you meet the income requirements for home loans for lawyers in your state or territory, which are:

$150 000 per annum in NSW, VIC, QLD and the ACT
$120 000 per annum in SA, WA, TAS and the NT

If you don’t meet the income requirements listed above, you may still be eligible for a home loan for lawyers. If your total application income is $150 000 per annum or more (e.g., you and your spouse’s combined income), some lenders may accept your application. A broker can help you determine whether you’ll be eligible before you apply.
Industry membership requirements

You’ll also need to prove you have a current industry membership to a recognised association in your industry. Some examples include:

The Australian Bar Association
The Law Society of New South Wales
Law Society of South Australia
Law Council of Australia
QLD Law Society
Law Institute of Victoria