Loan Checklist
The list of documents that can be needed for a loan application can be substantial and often takes time to gather. We have provided a quick check list to help you start this process now rather when you are waiting to get a loan approved so that it will reduce the time and angst for you.
Different lenders have different documentation requirements but these are common requirements depending on the type of applicant (ie First Home Buyer, Refinance, Low Doc, Self Employed, Company or Trust borrowers) and the type of loan applied for.
Typically you will require:
Identification and Anti Money Laundering Counter Terrorism Act Requirements
For an individual, choose from one of the following options:
• 2 x documents from List A or
• 1 x document from List A and 1 x document from List B or List C (total 2 documents) or
• 1 x document from List B and 2 x documents from List C (total 3 documents)
Through a combination of documents from List A and B, you must verify your full name, residential address and date of birth. Full name = ‘Raymond RAM’ or ‘Raymond A RAM’ or ‘Raymond Andrew RAM’.
When an initial is given (e.g. Victorian Drivers Licence), additional identification must be provided to confirm your FULL name (i.e. Raymond Andrew RAM). Documents from List C must verify your name and residential address. Name = R RAM or R A RAM or full name (as above).
The documents must be current (unless specified below). Where any document is in a language that is not English, it must be accompanied by an English translation prepared by an accredited translator.
List A All documents must contain a photograph of the person being identified
- Australian passport (either current passport or a passport that expired within the last 2 years)
Australian driver’s licence - Proof of age card issued under a state or territory law
- International passport which contains a visa with Australian residency status and signature
- An identity card issued by a foreign Government, the UN or related agency
- Australian boating licence
- Australian firearms/security licence
List B
- Australian birth certificate
- Australian citizenship certificate
- Pension card issued by Centrelink
- Health card issued by Centrelink
List C
- An Australian Tax Office tax assessment notice (issued in the last 12 months)
- A water rates or council rates notice (issued by a local government body or utilities provider within the last 12 months).
- A landline telephone, gas, electricity account, (issued by a utilities provider within the last 3 months).
- A bank statement (issued by an Australian bank in the last 12 months (does not include online statements)
- A financial benefit notice (issued by a Commonwealth or a State or Territory within the last 12 months).
Identification Requirements for Trusts and Partnerships
For a trust or partnership, one of these documents must be collected.
Trust Copy of full trust deed, signed and stamped (if relevant).
Partnership ABN, Certificate of Registration, Partnership agreement or minutes of a partnership
meeting
Proof of Income Requirements
- PAYG Employees last 3 pay slips and a letter from your employer confirming your employment status
- Rental Income. Statements from Real Estate Agent or Lease Agreement
- Investment Income – Dividend and or fund statements
- Full Doc Self Employed. Proof of BAS/GST registration. ATO Tax Assessments and personal and Company Returns
- Low Doc Self Employed Proof of BAS/GST Registration. Lender requirements differ based on the loan to valuation ration and how long you have been trading
Proof of Savings
- For First Home Buyers, Bank Statements showing proof of geniune savings 3-6 months depending on the lender
Refinancing or Line of Credit
- 6 months loan statements if refinancing existing mortgage
- Current Council Rates notices showing rates paid
General Finance Information
- Credit card accounts showing 3-5 months good payment history (not required by all lenders but be prepared)
- Car or Personal Loan Statements with good payment history
Company and Trust Borrowers
- Company registration certificate
- Names and Addresses of all directors and shareholders or trustees and beneficiaries (if borrowing in a company or trust lenders may require directors, beneficiaries or company guarantees)
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