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Home loans 101
Whether you are entering the market for the first time, looking to refinance or simply working out how much you can borrow, we have broken down each step so you have all the information you need in one place.
If you’re almost ready to complete your home loan application, gathering the right information and supporting documents can help accelerate the process. Here’s a checklist of information you’ll need to help get you started.
You’ll need to know the following to get started:
In short, a mortgage lender’s main objective is to work out whether you can comfortably meet your mortgage repayments, without causing you any financial hardship. The information that is requested by a lender might seem extensive, but they have to fulfil certain requirements under Responsible Lending laws—so it’s important to get it right. If you don’t provide the correct information upfront, this can lead to a delay in the process and multiple back and forth communications between yourself and the lender.
You may have different sources of income so, when it comes to declaring your income on your home loan application, try to think about what you declare to the Australian Taxation Office (ATO) when you lodge your tax return. Anything you declare to the ATO as income can usually be declared on your home loan application.
Sources of income might include:
When thinking about the assets you own, this is anything that has a tangible value. That means anything that has a precise measurable value. When you quote values for each item, think about what a current market value might be for them. If the items are insured, you can quote the insured amount as a guide.
Valuable assets might include:
When lenders enquire about any existing financial liabilities you might have, you’ll need to tell them how much you repay each month along with the outstanding balance, as well as who the lender is and how long is remaining to repay it.
Some examples of financial liabilities include:
You’ll be asked to provide a summary of your daily and monthly spend or your overall cost of living. Here is what you need to consider when calculating your living expenses:
Once you’ve thought about, and gathered all of the relevant information above, you’re ready to take the next step and apply.