1. Applying for loans
Home loan requirements - financials
When applying for a home loan, the first thing we’ll need to do is establish a clear picture of your financial situation.
If you’re completing your application online, to establish this picture all we need is proof of identity, information about your employment and property/properties, and your online banking details, to gather all the required information.
If you’d rather meet with one of our local lenders, they’ll let you know exactly what you’ll need to bring, however, having the following documentation handy will help speed up the process:
- Proof of your identity - ie; photo identification showing your full name (including middle name) where applicable.
- Proof of your income - Your last two payslips and any evidence of rental or dividend income received.
- Self-employed - If you work for yourself, we'll ask for business and personal tax returns from the previous two years, along with your Notice of Assessment from the ATO.
- Benefits - If applicable, we'll ask for evidence of Family Tax Benefit/Child Support Income
- Proof of assets - things like rates notices for any existing owned property, or rego papers for vehicles, etc.
- Savings & deposit - We'll also ask for savings account statements for the previous three months, as well as proof of deposit if your deposit isn't coming from existing savings.
2. Existing loans
As part of the application process,we'll need to understand any existing loans or credit cards you hold, so we can make sure they're all up to date.
If you’re meeting with a lender they’ll require the following in order to do this:
1. Home loans
For existing home loans, we'll ask you to bring along statement proof for the previous six months.
2. Personal loans
For existing personal loans, we'll ask you to bring along statement proof for the previous three months.
3. Credit or store cards
For credit or store cards, we'll ask you to bring along statement proof for the previous month, with proof of payment.
3. General Expenses
At Greater Bank, we have a reputation as a responsible lender.
This means that we take the time to understand our customers and ensure that we can help them make their dreams a reality, while making sure they have the best loan for their needs.
So that we can get a clear picture of your financial situation and find the best fit for you, we may also request some information about your general living expenses.
1. Essentials
We may need for information around your essential living expenses such as (but not exclusive to) food, transport, utilities, rates, telephone & internet.
We may also look at some of your discretionary expenses, such as Pay TV/subscriptions, recreation and holidays.
You can use our handy budget calculator below to help you get an idea of how your individual expenses tally up.
2. Insurance and education
We may also need evidence of some of your ongoing insurance expenses, for things such as home and contents, private health, life and income protection insurance.
As well as this, your lender may request information about your education and child care expenses.