What do I need for a home loan application? 

You’re excited to buy your own home. Finally, you can nail paintings in without fear. It’s walking distance from your best mate. It’s even got your lucky number on the letterbox.

So why is applying for a home loan so daunting?

There’s a lot riding on getting it right, and there are no guarantees. Our home loan application checklist will help you get organised – and the more prepared you are, the more likely it is you’ll get a thumbs-up from your lender.

1. Make sure you’ve got your paperwork.

That means:

• At least two consecutive payslips;
• A copy of your latest PAYG Summary or Notice of Assessment from the ATO;
• Any bank statements showing other income, like Centrelink payments;
• Your accountant’s details, if you’re self-employed; and
• Evidence you’ve saved for your deposit.

2. Prove that it’s you.

Oh yes, more paperwork. You’ll need at least 100 points of ID when you apply. A passport is a good start, plus a combination of your driver’s licence, bank cards, Medicare card or birth certificate.

3. Figure out your financial position.

A lender wants to know that you can afford to make your repayments. Being eligible for a home loan isn’t just about how much you earn – lenders will also take into account other assets and how much you spend.

Gather your paperwork (are you sensing a theme?) for:

• Any other loans or debts you have, like car finance or personal loans;
• Assets in your name; and
• An estimate of your living expenses, including how much you’re really spending on those good corn chips.

4. Check out your credit report.

Most lenders want to see a clean credit report before they’ll approve your finance. Get a copy of yours so you’re aware of your position before you apply for a home loan.

6. Clean up your wallet.

When it comes to credit cards, lenders will ask you to state the total limit on each card ¬– that’s the amount of credit available to you to use. Even if you don’t owe anything, your lender will probably still consider the total limit to be a liability. You can boost your application by paying off and cancelling unused cards before you apply.

5. Know what you want to apply for.

You’ll be asked to nominate the home loan and loan term you want. Before you do that, make sure you’ve figured out which one is right for you . An ME Mobile Banker can help you understand the different features, rates and fees, so you can get the right product first go.

7. Brag about your new home.

This is the exciting part. The loan application form will ask about the security for your loan – that’s your new home. It will all start to feel real now. Supply details in writing, including the signed contract of sale. If you’re building, you’ll need any council permits and your fixed-price builders contract.

8. Have your legal eagle lined up.

As you reach the end of your application, you’ll be asked to provide details of your solicitor or conveyancer. Having your legal professional lined up before you’re ready to apply for a loan will speed up the paperwork.

9. Pay attention to detail.

There are a lot of requirements for a home loan. Giving yourself the best chance of success means getting it all spot on. Every detail on your loan application form should match up and cross-reference precisely. Make a checklist for your checklist, if you have to. Consider colour-coding it. Give yourself a gold star sticker for each one you cross off.

10. Or … choose a simpler option.

Want to skip to the end? Contact your ME mobile banking manager and we’ll fill out the application for you. Too easy.

Applying for a home loan doesn’t have to be difficult. Buy a fancy ring-binder folder, make copies of everything you submit, and take it one step at a time. You’ll be in your new home before you know it.

Terms, conditions, fees and charges apply. Applications are subject to credit approval