Finance 101 – your go-to checklist

Confused about the documentation that your mortgage broker needs? We’re here to help…

Follow these 5 steps and you’ll be on your way to home ownership.

Step 1

To help you on your way to getting the perfect loan for your new place, most lenders will need the following documents, so come prepared with:

  • Two recent payslips
  • PAYG summary (Group Certificate)
  • Credit card statement(s)
  • 6 months savings account statements
  • Centrelink statement (detailing any family payments)
  • 3 months personal loan statements
  • ID - driver’s licence & Medicare card
  • Full birth certificate & marriage certificate (if claiming the First Home Owners Grant)

Step 2

After providing this documentation, your home loan application is prepared and submitted to your lender by your mortgage broker. After assessing the application and providing conditional approval, your mortgage broker will inform you of the approval.

Step 3

Next, it’s time to get a valuer in to organise an inspection of the property. After writing and submitting a report on your new apartment and once your property valuation is received, your mortgage broker will inform you that a property valuation is held.

Step 4

Depending on your personal circumstances and loan, it’s now time to organise mortgage insurance. Your lender will then issue your unconditional home loan approval and issues your contract for formal sign off. Your mortgage broker informs you of your unconditional loan approval and you proceed to the next step – settlement.

Step 5

Settlement is the official process conducted between your solicitor or licensed conveyancer and the vendor’s solicitor when ownership passes from the vendor to you. This is where you also pay the balance of the sale price. As the purchaser, it’s your responsibility to confirm the details including the date and time of settlement. One final tax to pay at or prior to settlement is land transfer duty (also known as stamp duty). You can’t receive the title to the property you’ve bought, until you’ve paid the duty.

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