Home Loan applications explained
Applying for a home loan can be more than a little overwhelming. That's why we've demystified the process. Here's what we'll ask you for, and what to expect.
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.
Existing loans
As part of the application process, we'll ask you to bring along statements for any existing loans or credit cards you hold, so we can make sure they're all up to date.
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.
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.
Home loan applications at Greater Bank
We know that applying for a home loan can be a stressful time, with so many things to organise and priorities to juggle.
When it comes to applying, we’ve got options.
Our expert lenders are with you every step of the way, holding your hand and doing all the hard work for you so you can focus on getting excited about your new place!
To start a conversation with one of our lenders today, just leave us some details in under a minute via our enquiry form below.
Apply online and score up to
$3,000 cashback+
Online cashback of $2,500 for eligible loans $250-$499k or $3,000 for loans ≥$500k. 80% LVR or less. See Online Cashback Offer T&Cs.+++
Hate paperwork?
In 15 minutes, apply 100% online with no paperwork or payslips required. Here's what you'll need handy, and we'll do the rest for you:
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Terms, conditions, fees, charges and credit criteria apply. This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.
+Cashback offers:
+++Online Cashback of $2,500 for eligible home loans $250-$499k or $3,000 for loans ≥$500k available for applications submitted via the Greater Bank Digital Home Loan application channel (online application) with 80% LVR or below. Excludes refinances from Greater Bank or Newcastle Permanent. If eligible, cashback payment will be made within 60 days of the loan settlement date (loan must still be open at time of payment). Only one (1) cashback payment per eligible loan and for first eligible loan only. Not available in conjunction with any other cashback or promotional payment (except any interest rate discount offered). Offer may be varied or withdrawn at any time. See the full Online Cashback Offer Terms and Conditions.
++Cashback of $2,000 for eligible home loans $250-$499k or $2,500 cashback for loans ≥$500k available for refinance applications submitted via Greater Bank lenders (not online), with 80% LVR or below. Only one (1) cashback payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions.
Greater Bank, part of Newcastle Greater Mutual Group Ltd, arranges this insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No 234708 (Allianz), acting under our own AFSL. Policy terms, conditions, limits and exclusions apply. Before making a decision, please consider the Product Disclosure Statement and key fact sheets available on this website, by calling 13 13 86 or from any branch. The relevant Target Market Determination is available by calling 1300 493 824. If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details or see our Website Disclosure Information before we provide you with services.