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What Documents Do I Need? - Sherlock Loans

What Documents Do I Need?

low doc loans

What Documents Will I Need to Apply for a Loan

Below is a list of the most common documents required in order to apply for a loan – documents vary depending on the type of loan you are seeking.  Additional documents may be required over and above what is outlined below if the lender requests them.

Personal identification

  • 100 points of ID are required.  A current Passport or Birth Certificate = 70 points.  Drivers Licence = 40 points.  (Please note if these documents are in your maiden name, you will also need to provide a copy of your Marriage Certificate.) In addition, you may be required to complete an ID verification form at your local Australia Post outlet given new legislation regarding the identification of borrowers.
  • Other documents that help build up 100 points include: a Medicare card, Credit card, ATM/Debit card, Council Rates Notice, Pensioner Concession card, Health Care card, Tertiary Student ID card.

Income details

  • The two most recent payslips from your employer.  (Ideally these will show the company name, number of payslip and year-to-date income figure).
  • The most recent Group Certificate from your employer.

If self employed:

  • The last two year’s personal and business tax returns and ATO assessments.
  • Other income details

You may also need:

  • Rental income statements or bank accounts showing rental income for any investment properties
  • Proof of share dividends or interest earned
  • Centrelink letter confirming family tax benefits
  • Centrelink letter confirming permanent government pensions
  • Private pension group certificate or statement
  • Proof of any other regular, ongoing income.

If you are applying for a Low Doc Loan a Low Doc Declaration and  1 or a combination of the following documents are required in lieu of full financials and tax returns:

  • Accountants letter/declaration
  • 6 months BAS Statements (lodged with the ATO)
  • 6 months business banking statements

Additional documents for refinancing

  • Statements for the last six months for any existing home loans and personal loans
  • The most recent Council Rates Notice and building insurance policy on the property or properties being offered as security.
  • Credit cards
    • If you have credit card debt, statements for the last six months.
    • If you don’t owe anything on your credit card, the most recent statement.

Additional documents if you are purchasing a new home

  • Statements for the last month (as a general rule) for any existing home loans or personal loans (for those debts not being refinanced)
  • Your most recent credit card statement
  • Copy of the Contract of Sale for the property you’re buying
  • Statements for the last six months to show your savings/investment history.  (This could include share certificates, savings account statements, term deposit statements, etc.)
  • If other funds are being used for the purchase, evidence showing where the funds are held.
  • If other funds are being given to you, which are not already in your bank account, you will need a Statutory Declaration from the person giving you the money.

 

Additional documents for First Home Buyers

  • Statement for your First Home Saver Account, if you have one.
  • Statements for the last six months to show your savings/investment history.  This could include share certificates, term deposit statements, etc.
  • If other funds are being used for the purchase, evidence showing where the funds are held.
  • If other funds are being given to you, which are not already in your bank account, you will need a Statutory Declaration from the person giving you the money.
  • Your most recent credit card statement.
  • Copy of the Contract of Sale for the property being purchased.

 

Additional documents for investors

If you already have investment property/ies:

  • Evidence of income such as rental statements.
  • A copy of the tenancy lease.
  • A Council Rates Notice.
  • Copy of the Contract of Sale for the property being purchased.
  • A letter from a property manager indicating likely rent for the new property.

Additional documents for borrowers seeking a construction loan

  • A copy of a valid builder’s fixed price tender, including all specifications.
  • A copy of Council approved plans.