Get your documents in order before you start house hunting.
1. Proof of income

Your lender wants to know that you have the financial capacity to repay your home loan. So, gather your recent payslips, tax returns, or financial statements if you're self-employed.

2. Employment status

Be ready to provide your employment history, including your current job and past positions. It's an essential part of assessing your financial stability.

3. Identity documents

Provide identification, typically a driver's licence, passport, or birth certificate will suffice.

4. A good credit report

Your credit history is a vital part of the equation. Get a copy of your credit report and ensure that it's accurate. If there are discrepancies, address them promptly.

5. Proof of savings and deposit

Your lender will want to see bank statements for at least the last three to six months. Make sure your accounts are in good order, with no overdrafts or unpaid fees. Providing proof of your savings and the deposit you intend to use is crucial for calculating your loan-to-value ratio (LVR), which can affect your eligibility for certain loans and interest rates.

6. Details of debts and expenses

Lenders will ask for details of any outstanding debts or financial commitments, including credit card balances, personal loans, or any other loans you might have.
7. Details of the property

Lenders want information about the property you're looking to purchase, so be prepared with its details and estimated purchase price.

8. Proof of residence

Some lenders may request proof of your current residential address, so have a utility bill or similar document ready.

9. A pre-approval letter

Before you start house hunting, consider obtaining pre-approval from your lender. This shows sellers that you're a serious buyer and gives you a clearer budget to work with.

10. A patient approach

Last but not least, be patient throughout the application process. It can take time, so stay in close communication with your lender, providing any additional information they request promptly.

A reputable broker can help you navigate this process.