Your first appointment with your local Mortgage Choice home loan expert is an exciting occasion! It's the starting point in buying a home or investment property, or upgrading to your next home. Here are five must-have pieces of paperwork to take to your meeting.
1. Personal ID
Lenders want to know who you are – no surprises there, so bring along one or more forms of photographic ID – like your passport, driver's licence or proof of age card. Or provide a few different forms of non-photographic ID like your birth certificate, Australian citizenship certificate plus either an income tax notice from the Australian Tax Office, a recent rates notice from your local council or a recent power, phone or gas bill.
2. Proof of income
Next, we need to show lenders what you earn, which will help to determine how much you can comfortably afford to borrow. If you are an employee, bring along your latest two consecutive, computer-generated payslips, or ask the boss to provide a current letter of employment stating your salary.
If you work for yourself, you'll need to ask your accountant for your last two years of tax returns plus tax assessment notices. Pack a copy of your accounts (balance sheets/profit and loss statements) for the past two years also plus details of any third-party liabilities like leases, overdrafts or company loans.
If you receive income from investments, or government support payments bring along written evidence of these also.
3. Evidence of savings
If your first visit to your Mortgage Choice home loan expert is to buy a first home or investment property, you'll need written evidence of genuine savings – like statements of savings account or other investments.
Lenders usually like to see savings spanning six months though in some cases three months is sufficient. If all or part of your deposit is made up of a gift of cash, you'll need to bring along a Statutory Declaration from the gift provider.
4.Details of financial commitments
Lenders like to know you can manage your home loan repayments even if you have other debts, so gather up your most recent statements for personal or car loans plus credit card or store card statements, and take these to our meeting.
5. Property details
We're nearly there. If you have already chosen your property, you'll need to provide a copy of the sale contract. If you're building a new home, bring along a copy of the tender, fixed price building
Contract or council approved plans. If you are refinancing your current home loan, pack a copy of your most recent council rates notice.
That's certainly enough to get started. Sometimes lenders want a bit more information as part of your home loan application but we'll keep you informed at every stage.
If there is anything you're unsure about, simply contact your local Mortgage Choice home loan expert and we'll put you on the right track.