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Home Loan applications explained - Greater Bank

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.

Home Loan applications explained - Greater Bank

Financials

After starting a conversation with an expert Greater Bank lender, the next step is to meet at a time and place that suits you for an application interview.

Your lender will let you know exactly what you'll need to bring to this meeting, but initially, they will ask for some supporting documentation to provide a clear picture of your financial situation.

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 A.T.O.
  • 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 meet with 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, your lender may also request some information about your general living expenses.

1. Essentials

Your lender may ask for information around your essential living expenses such as (but not exclusive to) food, transport, utilities, rates, telephone & internet.

They may also ask about 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.

Budget Calculator

Cut your living expenses

2. Insurance and Education

Your lender may also ask you to bring along 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.

Get a Home and Contents quote

Compare Home Loans

Compare 5 products
Ultimate Home Loan
Our ultimate in loans. Our Ultimate Home Loan offers the flexibility of fixed or variable rate, or a mixture of both. What's more, it features a linked offset account and unlimited free online redraws.
Great Rate Home Loan
Our simple, low rate loan that’s perfect if you’re after great value and no ongoing fees. Our Great Rate loan lives up to its name and offers flexible repayment and loan term options.
Line of Credit
Our Line of Credit helps you make the most of the equity in your home. Great if you’re thinking about renovating, investing, or just want more flexibility.
Ultimate Investment Home Loan
Our Ultimate Investment loan combines great value with a range of extra products designed to make investing easier.
Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investment simple.
Interest Rate 1.69 % p.a.
Comparison rate 3.72 %^ p.a.
~1 year fixed, owner occupied, principal and interest
Interest rate 1.69 % p.a.
Comparison rate 3.49 %^ p.a.
~1 year fixed, owner occupied, principal and interest
Interest rate 4.00 % p.a.
Ultimate Line of Credit home loan base rate
Interest rate 2.19 % p.a.
Comparison rate 4.10 %^ p.a.
~1 year fixed, principal and interest
Interest rate 2.69 % p.a.
Comparison rate 3.51 %^ p.a.
~5 year fixed, principal and interest
Key Features
Great if you want a packaged home loan with a low rate and added benefits.
Key Features
Great if you want a low-rate no-frills home loan.
Key Features
Great if you want a continuous credit facility to access the equity in your home.
Key Features
Great if you want a great value packaged loan to invest in property.
Key Features
Great if you want a simple, no-nonsense investment loan with competitive rates.
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20%-25% dependent on security taken
Maximum loan term
N/A
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$10 per month
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Enquire now Ultimate Home Loan Enquire now Great Rate Home Loan Enquire now Line of Credit Enquire now Ultimate Investment Loan Enquire now Great Rate Investment Loan

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Get in touch

Speak to our lending contact centre
Monday to Friday 8:30am – 5:30pm AEST.
Saturday 9:00am to 1:00pm AEST

1300 721 253

Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.

~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.

^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

#Discounted rates include a discount on Home Loans of $150,000 or over and Home Loans with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.

+Additional costs may apply if your loan has a fixed rate.

All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.