Read about the documentation you’ll need to get a home loan and what to do if you don’t have the necessary documents.
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We often hear borrowers ask: “What documents do I need to get a home loan?” Many people are taken by surprise at the amount of paperwork they need to provide. Although all lenders vary slightly in their requirements for what documents are needed to apply for a mortgage, the fundamentals remain constant.
Whatever your situation, whether you’re wondering what documents are required for pre-approval or preparing for full loan approval, you can find the loan that's just right for you by comparing different lenders and types of loans available with Savvy.
The documents you’ll need either for loan pre-approval or full mortgage approval fall into five basic categories: personal identification, income, debts, expenses and assets.
All lenders will ultimately need to know these details about you and your household before deciding whether to accept or reject your loan application.
You’ll need to provide 100 points of ID, including at least one document that includes your photo and a signature, and at least one Category A document, which includes:
In addition, you’ll need two of the following Category B documents when applying for a home loan:
You’ll need:
If you’re an employee
If you’re self-employed
If you receive income from a rental property
If you receive government benefits
Any other income?
Your potential new lender will want to know exactly what you owe other people, including all other car or personal loans, credit cards, store credit agreements or other debts. You may be asked to provide proof in the form of loan contracts or bank or account statements.
Lenders need to know how much it costs you to live, so they need to know all about how you spend your income now. It’s a good idea to prepare a household budget and write down exactly how much you spend on your utility bills, phone and internet, your current rent or mortgage, any child support payments you’re liable for, plus sports club memberships, gym memberships, school fees, or any other regular payments that you’re required to make.
They’ll also need to know what assets you own, including details of any cars, caravans or recreational vehicles, boats, valuable jewellery or other assets which have an agreed value.
Make sure you start collecting your documents before your home loan application. Many people are surprised at how many documents are needed for mortgage pre-approval or full home loan approval, so you should start gathering documents days or weeks in advance of your application to help speed up the process.
It’s a good idea to get hold of your credit report and check it carefully before you apply for your home loan. If you find any errors, contact your credit report provider and ask to get them corrected. Your credit score can influence the outcome of your loan application.
In the past, mass-generated payslips were often printed in a very light ink which couldn’t easily be read. If you still receive these payslips, you may have to photocopy them on a dark setting so the numbers can be seen. These days, with most pay systems now online, this has become less of a problem for loan assessors trying to read blurred or faded documents.
Your utility bills need to be in the name of the mortgage applicant, not showing the names of any unrelated persons. So, if your ex’s name is still on your bills, now is the time to contact your gas or electricity company and get the account changed into your name only.
If you’re scanning or photographing documents and need to save them, make sure you name them so they’re easy to find in a hurry if you need to. A good system is to use your surname followed by the type of document and date, such as ‘Smith electricity bill June 2022’.
If you’ve had to photograph many documents to send online, it’s tempting to delete them as soon as you’ve sent your application in to reduce clutter on your desktop. Don’t delete them too soon, though, as you may be asked to send them again if something goes wrong or they get lost in cyberspace.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
