Self employed Big 4 banks documentation required

Lets say I may need to adjust my spending to do a refinance

How many months of bank statements and credit card statements do the Big 4 banks require at the moment?

And how far ahead to a need to decrease my credit card limits as well?

 

Usually 3 or 6 months statements for loans being refinanced & 1 or 3 months for all other loans and bank statements.

 

If you need to reduce credit card limits, it can be around when you apply, as long as you can provide documentation (most recent statement or similar) verifying the new limit. If you close a card, many lenders will ask for a letter confirming it's been closed.

You'd think with the new credit reporting regime, they wouldn't need so much info. Sadly most lenders can't seem to figure this out effectively.

 

Evidence must be provided prior to settlement so it can technically be done after formal approval but prior to settlement.

 

6 Months - Home Loan Statements, Savings, Credit cards and Trading Statements.
Latest Rental statements.
2 Years of Tax Returns + Financials.
2 Years Notice of assesments.
The recent one should not be greater than 30 days old.

 

Most recent monthly credit card statement (only 1 month for any credit cards not being refinanced)
1 - 3 months transaction statements depending on which lender you go with.

 

If youre purely talking about just living expense break down. Generally around 3 months.

 

Given the turnaround times for the big 4 at the moment it's definitely worth considering looking elsewhere.