Loan Checklist
Home Loan Application Checklist
Our loan checklist gives you a good idea of the documentation required for a
mortgage loan application.
This is a guide only. Please select the items that pertain to your situation.
Some lenders may require more information, whilst some loans do not require all
this information, [lo doc loans for example.]
Required by each and every Loan Applicant
100 points of ID
- Passport or Birth Certificate = 70 points
- Driver's licence/Pension card = 40 points
- Credit Card/Passbook/Rates Notice = 35 points
- Medicare Card/Senior's Card/Public Utility Bill = 25 points
Loan Checklist Proof Of Income, Employment Status Dependent
If you are a PAYG employee, you will need any two of the following:
- Last 2 current payslips
- Tax returns and Assessments for the previous 2 years
- Group Certificates for the previous 2 years
- A letter from your employer stating your wage, and the tenure of your
employment
If you are Self-employed or a sole trader you will need:
- Tax returns and Assessments for the previous 2 years
- Profit and Loss statements & Balance sheet
- Letter from your accountant certifying the accounts if no current tax
return is available
If you are a Director of a Company or Trust you will need
- Last 2 years Company Tax returns including Profit and Loss & Balance
sheet
- Last 2 years personal Tax returns for Directors/Guarantors
- Letter from accountant certifying accounts
- Memorandum and Articles of Association
- Certificate of Incorporation/Constitution
- Background or History of company
- Management team details
- Memorandum and Articles of Association [only if ownership is to be in
the Company's name.]
Loan Checklist: Your Finances
Your finance management. For full doc loans you will need to show.
- Evidence of genuine savings over 6 months - minimum of 5% of loan
amount
- Proof of deposit and funds to complete purchase (bank statements)
- Confirmation of Rental income for Investment property
Copy of current or proposed Lease Agreement
Section 32 - Contract of Sale
- Any recent credit reports, or explanations of bad credit history.
- Gifted deposits. A Letter from the individual gifting the
deposit.
- Family Loans. Arrangements and agreements of repayment are
required.
Loan Checklist items for Refinance
When Refinancing you will need to provide.
- Last 6 months loan statements (some lenders will require 12 months)
- Confirmation of rental income for Investment property
- Copy of your Rates Notice
- Copy of current or proposed Lease Agreement
- Copy of Certificate of Title
Building Construction: If you are constructing or developing a property
you will need to show:
- Section 32 - Contract of Sale
- Fixed price building contract
- Plans and Specifications
- Drawdown/Cashflow schedule
- Copy of current or proposed Lease Agreement
- Copy of Certificate of Title
- Evidence of pre-sales in the case of a property development for
residential housing. [Can have requirements up to 50% presales, to prove the
viability of the project before getting funding.]
As you can see getting a mortgage loan can take a lot of paperwork. This Loan
checklist will assist you it getting the finance you want and save you time.