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:

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Foreign income:

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:
 
 

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