Skip to the home loan documents checklist
Who is the home loan documents checklist for?
This home loan documents checklist is designed for anyone who wants to see if they can access the usual documents needed for a home loan application.
Some documents for a home loan are easily accessed, others might require some preparation work—like financial statements for a business owner.
When applying for a home loan, some lenders will require review of ‘traditional’ paperwork, like payslips.
Newer techniques use to check eligibility for a home loan rely on software applications that collect transaction information and spending behaviour from bank accounts.
Either way there are minimum checks that banks need to do as part of a home loan approval process. The part a borrower can control is to provide the bank with everything they need, when they need it—no delays.
A good starting point for a home loan application is to use a home loan documents checklist.
What documents do I need for a home loan?
When is comes to applying for a home loan, the sooner you can gain an understanding of what will be required, the more prepared you can be.
A typical lender in Australia will require certain core information as part of a home loan application to piece together someone’s financial position.
The documents needed for a home loan will depend on your situation, the type of lender you are applying too, and the purpose of the loan.
Are there any shortcuts?
While some lenders will ask for less than others, there are minimum standards they need to meet before approving a home loan application.
In my experience, attempts to shortcut the home loan documents checklist usually results in delays and questions—often lots of them.
Lenders usually have their own home loan documents checklist setting out the information needed from borrowers. In most cases it is as simple as following their checklist.
Part of the home loan boot camp
I consider the home loan documents checklist one of three important areas of preparing for a home loan application.
My 30 minute Home Loan Boot Camp is a way for borrowers to better understand their financial position.
There are three core areas to understand if you want to get financially ready to apply for a home loan.
What documents do I need for a home loan?
There are many alternatives to verify the same piece of information so use the below list as a guide. Sometimes it is a matter of getting the simple stuff right. I have been surprised over the years at the number of people who did not know their income, let alone what they spend each month.
This home loan document checklist is a useful starting point. There will be variations in what a lender needs from you which will become clearer as you move forward with the home loan approval process.
Home loan documents checklist
They say, don’t put off ’til tomorrow what you can do today.
I have provided a typical home loan document checklist that as a guide. It is not designed to tell you if you are ready (or not) to apply for a home loan.
No need to pull them together now.
Just identify the typical documents needed for a home loan, know where you can find them, and see if they are up to date. If you need to bring them into order, then you can start now.
Meeting your lender or mortgage broker can refine the specific documents needed for your circumstances.
What comes after the home loan documents checklist?
I consider three key areas for borrowers to understand in their preparation for a home loan application:
You just covered the home loan documents checklist.
A key to any home loan application is preparation. And nothing beats the right advice—specific to you. So, meet with a mortgage broker early in your home buying journey.
