What to Bring When You Meet With Your Broker.

Did you know there’s ways you can help speed up the process of applying for a loan or refinance? There is a lot of documentation required in order for us to process your application. When you organise to see you broker, you can collect all the evidence needed before you come in, so we can get your loan on the road faster.

Below is a list of all the documentation that is required, although you might be asked for additional information depending on the circumstances.

Personal identification: 

One or more of the following forms of photographic ID:
1. Australian Passport
2. Australian drivers licence.
3. Australian state or territory issued proof of age card.

OR one of the following from each group.

Group 1
1. Australian Birth Certificate
2. Foreign birth certificate
3. Australian citizenship certificate.

Group 2
1. Rating authority – bill sighted less than 12 months old
2. Public utility record – bill sighted less than 3 months old
3. ATO tax assessment notice less than 12 months old.

First Home Owner Grant applications require:
1. Certified copies of ID
2. Change of name documentation
3. Marriage certificate (if relevant)

Income Details:

1. The latest 2 consecutive computer generated payslips from current employer. Must show business name, ABN and minimum 3 months year to date income figure.
2. Current letter of employment with salary competent (signed, dated on letterhead, stating start date, business ABN, and year to date income) may be required.
3. Most recent payment summary (if same employer)

If income includes overtime/commissions/bonuses, the following additional evidence may be required:
1. Last 2 years’ ATO tax assessment notices.
2. Last 2 years’ tax returns. 

Income details if you are self employed:
1. Last 2 years tax returns and tax assessment notices for all individual applicants and all businesses.
2. Balance sheets and profit and loss statements covering the most recent 2 years.
3. Details of external liabilities: leases, hire purchase, overdrafts, company loans and/or guarantees.

Income details other than employment:
1. Property rental income statements
2. Dividend statements for shares and other investments
3. Centrelink letter confirming family payments or other government pensions
4. Private pension payment summary or statement
5. Written evidence of other regular and ongoing income

Financial contribution details:
1. Evidence of 6 month’s genuine savings from bank account statements, term deposit statements or share transaction records
2. If other funds are being put towards the purchase, evidence will be required as to where the funds are currently held, or if the funds are being gifted, a statutory Declaration from the gift provider will be required.

Financial commitment details:
1. Most recent statements covering the past 3 months for any existing loans. Where statements are issued infrequently, interim statements may be required. Internet statements attached to the most recent original statements will generally suffice.
2. Most recent statements for all existing credit cards and store cards
3. Additional evidence may be required where any of the above is being consolidated into the loan.

Property details:
1. If refinancing – a copy of your most recent council rates notice
2. If property is already chosen – A copy of the contract of Sale
3. If constructing- a copy of tender, fixed price building contract, council approved plans, specifications, building insurance, an estimate of expected building costs and any other details you may already have such as property plans and local council approvals.

Insurance/Superannuation details
1. Superannuation fund statements
2. Certificate of currency of insurance policies

As you can see, the list is long. This is why it’s even more beneficial for you to start preparing before you meet with your broker. Mortgage Choice Northern Rivers will always support you if you get stuck, but give it a go if you’re planning on applying for a loan or refinance in the near future. 

Posted in: Tips

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