Identification

Lenders require Two Forms of identification from new clients. At least one must come from the primary list below:

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Income Confirmation

• Wage and salary earners will need to supply three consecutive pay slips or a letter from their employer for each applicant.
• Self employed earners will need to supply copies of the last two years financial accounts.
• Rental income to be confirmed by the production of a tenancy agreement or a rental appraisal completed by a property manager.

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Deposit Confirmation

Your deposit can come from a number of sources, equity in a home you have sold, savings or a gift.

Confirmation of sale proceeds is verified by the production of the sale & purchase agreement for the property being sold.

A deposit can also be the equity in an existing property that you own and intend to retain. In this instance the values of both properties is combined to give you greater borrowing power and the lender will take a mortgage over both properties.

When borrowing over 80% of the property value the rules on deposits are less flexible, you can still use equity in an existing property as above but if you are buying your first home you will need to have saved in your own name a minimum of 5% of the value of the property. You are able to then have further funds gifted to you by family or friends. You will need to supply up to 6 months bank statements to prove your savings and a gifting certificate for any funds that have been gifted. Other special conditions apply for gifted deposits.

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Valuation

Registered valuations are usually required for all lending over 80% of the property value, some lenders request them at 75%. The cost of a valuation could be around $500.

Registered Valuations are always required if the purchase is private (not using a real estate agent)

Lenders may accept the purchase price as the value if you are borrowing less than 80%.

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Sale & Purchase Agreement

A full Sale & Purchase Agreement signed by all parties is required when purchasing a property.

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Bank Statements

Up to 6 months statements are required to confirm savings record.

Six months statements are required on an existing loan that is being refinanced.

Up to 6 months statements are required on your day to day bank account so that the lender can see how the account has operated.

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Construction Loans

All of the above are required for construction loans together with a copy of:

• The fixed price contract
• Plans and specifications

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Lending to Companies

Additional information required for companies is:

• Certificate of Incorporation
• Particulars of all directors

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Family Trusts

Additional requirements for Family Trusts:

• Copy of the Trust deed
• ID for all Trustees including Professional Trustees

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