Home Loans or Mortgage Loans

Access the money you need to buy an already built home to live in or to rent out.

6 Steps to understanding the home loan/mortgage application process

What we need from you for your home loan application

While getting conditional approval is a useful exercise, it doesn’t guarantee you will ultimately get a home loan!

When you’re ready to formally apply, we’ll ask you a number of questions—and ask for many supporting current documents — before you get the go-ahead.

1. Identification

We need to know that you are you. So we’ll ask for one primary photographic form of ID (e.g. passport or driver licence), and one non-photographic form (e.g. full birth certificate). We’ll also need one secondary document (e.g. medicare card, recent utility bill).

 2. What you earn

We’ll ask for complete details about your income; so we can ascertain if you’ll be able to meet your loan repayments (and that the mortgage you are inquiring about will not put you under undue financial stress).

• If you’re a wage or salary earner, we’ll need either a bank statement (which shows your last two salary payments);  two of your last three payslips; or a letter from your employer that fully outlines your employment details.
• If you’re self-employed, we’ll need your accountant’s details and your last two years of financial statements.
• If you’re receiving superannuation, we’ll need either a super fund statement or a bank statement showing your income.
• If you’re receiving government income, we’ll need either a current Centrelink statement and a current bank statement that confirms your government payments.
• If you receive income from rental properties, we’ll need either a current bank statement that shows your property income; and a letter from your real estate agent or property manager that confirms your leases and current/expected income.
• Lastly, if you receive investment income, we’ll need to see either your shareholding certificate(s), or a current dividend statement notice.

3. What you own

We’ll ask you what savings you have in bank accounts, and for any shares, property, or significant assets (e.g. gold bars, English castle, Caribbean island, or a small Texan gas field) you might have. We’ll need supporting documentation to prove your assets.

 4. What you owe

We’ll ask for details on any loans, credit cards, store cards, leases and other personal debts that you have (and, or recently paid out).

Many people take the chance to completely overhaul their finances before they buy a home. It’s a splendid opportunity to get your finances in order—and get things as simple and stress-free as possible. You might refinance your credit cards, or you may consider a debt consolidation loan.

5. Residential status

If you’re renting, we’ll ask for details of the property owner (or estate agent).

6. Other things to think about

• If eligible, do you have an approved First Home Owner Grant (FHOG)? We’ll need to see your completed FHOG application.
• If you're building a property or already negotiated a contract, we’ll need cost estimates and timelines, or a copy of the builder’s contract.
• Receiving a gift (money) to help you buy your home? We’ll need a statutory declaration from your benefactor detailing their contribution and the repayment conditions (if any).
• Need a hand finding a home loan? Contact RedCap Finance Brokers who will assist you to narrow down your options of suitable loan products for your situation.

Ready to purchase your home?

Do You Need a Home Loan Check-Up to see if it still suitable for you or whether we can get you a better deal by refinancing your current loan?