Documents for Home Loan Application

Hello,

I have been doing some research regarding what documents are required for home loan applications.

I understand I will need to provide evidence of income (Payslips & possibly Group Certificate) as well as the most recent statement from Credit Cards & 3 months worth of transactions for any savings account where the deposit is coming from.

My question is will I be required to provide any further statements from previous months on any Credit Cards (I am not refinancing) & will I be required to provide statements from my transaction account showing where my income is being spent (ie direct debits & normal day to day transactions) further down the application process?

Any help would be appreciated.

 

Each lender is different. Thats why you go through brokers instead of diy.

 

Some lenders will require statements for external debt not being refinanced. Some brokers will also request this even if the lender doesn’t require it - it’s all part of assessing your ongoing living expenses.

Cheers

Jamie

 

I’m one of those brokers. There’s nothing worse than getting the paperwork completed and signed, getting one payslip and a drivers licence and then waiting weeks for the assessor to come back and ask for a second payslip, or group certificate, credit card statement or similar.

Actually the only thing worse is the reverse, when the assessor asks for one thing initially and then a second and third thing later. Wastes everyone’s time.

 

To answer you questions @theflange, yes, pretty much all the documents you mentioned are required (may not be sent to lenders), they are part of "responsible lending " requirements.

Lenders want to know all you assets, liabilities, and ongoing commitments. They want to make sure applicants are good with their money.

Usually lenders want to see the statements are within 30 days from the day of lodgement, and when the assessment time is prolonged, they are likely to ask for up to date documents.

It sounds frustrating, but it is becoming the norm now unfortunately.

 

It's better to cover of on this upfront.

In addition to the assessor asking for something additional what if there is a commitment that you may have a view it isn't.

Also, going forward with positive credit reporting, where lenders share the data, you rather have a broker look through upfront, in case there's issues like debit balances.