Know the process of applying for a home loan
What do we require to complete the application for a home mortgage
Although getting a conditional acceptance from our online application can be a beneficial practice, it’s not an assurance that you’ll qualify for a mortgage. If you’re ready to officially apply, we’ll ask several questions — and ask for documents to support your application before you can get approval.
1. Identification
We want to verify that you’re you. We’ll request one primary ID with a photograph (e.g. driver’s licence or passport), and another form that is not photographic (e.g. birth certificates). You’ll also require another document (e.g. the most recent bills for utilities).
2. Earnings you earn
We’ll want to know more regarding your earnings so that we can assess whether you’ll be able to pay the loan’s repayments (and it’s important to note that a mortgage doesn’t place you in a position of stress).
- If you’re a salary earner, we’ll require either the bank statement (which will show your most recent two pay stubs), or the last three paychecks as well as as a note from the employer which provides your employment information.
- If you are self-employed, we’ll require the details of your accountant, and your most recent two years of financial statements.
- If you’re receiving superannuationbenefits, you’ll require either an account statement from your super fund, or bank statement of your income.
- If you’re receiving income from the government you’ll need either an up-to-date Centrelink account statement or a current bank statement that demonstrates the government’s payments.
- If you earn income from rental properties you’ll require either an account statement from your bank showing the amount, or a current lease agreement or an official note from the real estate representative or the property manager.
- If you do receive dividends from investments, we’ll need to look up the documents, such as shares held by you certificate(s), or an updated dividend statement.
3. What do you own
We’ll inquire if you have savings accounts that are not NAB or any shares, property , or important assets (e.g. islands, castles, or small Russian gas fields) you may have. We’ll need supporting documentation.
4. What do you have to pay
We’ll need information on any loans that are not backed by NAB, credit cards leasing, store cards and other personal debts.
Many people opt to totally overhaul their finances prior to buying a house. It’s an excellent chance to get your finances in order and make things as straightforward and easy as you can. You could change the terms of your credit cards or think about the possibility of a credit consolidation or debt relief loan. However, if the loan is not offered by NAB it is necessary to find out the details.
5. Residence status
If you’re renting, we’ll inquire for information from the property’s proprietor (or an estate agent).
Other considerations to consider
- Do you qualify for the First Home Owner Grant (FHOG)? We’ll require your FHOG completed application.
- If you’re building your own home or have already signed a contract We’ll need estimates of costs and timeframes, or thea replica of the construction contract.
- You’ve received an offer (money) to aid you in buying your house? We’ll require a letter from your donor describing the amount they contributed and repayment terms (if there are any).
- Need help getting a loan for your home ? Check out our selecting the best homeowner loan calculator to narrow your possibilities.