Documents you will need
- Personal Identification – current driver’s licence, birth certificate or passport
- Property Information – contract of sale (if you have it)
- Financial Statements – three months of bank statements
- Liabilities – loan and credit card statements showing current balances
- Proof of Income – three recent payslips, group certificate, latest tax return
- Expenses – current budget
When choosing a home loan, keep in mind interest rates and your financial situation will change over time. Make sure your loan is flexible enough to change with you.
Features you might want to consider include:
- The option to move from variable to fixed interest rates or split the loan between both.
- An offset or line of credit account to help you use your income and savings to reduce the balance of your loan.
- The ability to make extra repayments without penalty.
- A redraw facility that gives you the flexibility to use your additional repayments as required.
- The choice of making repayments on a weekly, fortnightly or monthly basis.
- The ability to transfer your loan if you buy another property.