Applying for a Home Loan

Once you have chosen the right home loan, the next step is to apply for it. Having your loan application accepted can be a little difficult and time consuming since the lender will need to ensure if you are the right candidate for the loan. The lender will see if you will be able to repay the loan on time. The lender will also consider some other factors, read on to find what they are.
Personal Information

The lending institutions will require your personal information for identity verification. This may include photo ID, passport, driver’s license, birth certificate, etc.


Your Income

The lender will require information about your income. You will have to provide your recent two pay slips not older than 30 days or an evidence of your salary credited into the account. In case you are self employed, then you must provide individual tax returns, company financials and company tax returns.

If you are on rental income, then a formal signed lease or rental statements will be required. If you are on any other source of income such as interest, Centrelink benefits, government or foreign income, then evidence for these will be required while filing a loan application.


Financial Information

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Lending institution will also require information about your assets and liabilities to determine your capacity of repaying the loan. You must provide information about your assets by giving your bank account details to show your savings. Liabilities must be shown by providing information about your existing loans and credit cards.

You will also be required to provide information about your daily expenses. You may be asked about regular utility bills, household costs, credit card statements. You will also be required to give information about any other significant expense such as education expenses of children, child care payment, etc.


Credit Score

Credit score is one of the most significant factors in determining whether or not you are eligible for a home loan and what interest rate will be applied. If you have a good credit score, you’ll be charged less interest. However, if your credit score falls below the prime range, then you’ll have to pay a higher interest and might face difficulty in getting your loan application approved.

A credit score of 600 or more is generally considered good and if your credit score falls within this range, then you’ll be charged a lesser interest rate. You are entitled to one free report from private credit agencies every 12 months. Check your credit score before applying for a home loan.



Lenders require you to lay down a deposit on your home loan. Mostly, a deposit of 5% is required by lenders, but if you can put down a 20% deposit, you can avoid paying Lender’s Mortgage Insurance.


Make sure you provide all the information the lender requires and show that you are in a healthy position to repay the loan on time. If you need more help in applying for a home loan, contact our experts at on 1300 537 000 or Submit Loan Enquiry.


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