Your Ultimate Guide to Home Loan Preparation
Updated: Sep 9
Getting your paperwork together is the easiest way to speed up a home loan. Most delays aren’t about rates or eligibility; they’re about missing payslips or outdated statements. By getting organised upfront, you can eliminate much of the friction in the process.
After more than two decades in financial services before founding RateUnity, I’ve learned that a prepared applicant is a confident one. Here’s a plain-English guide to what lenders typically ask for, why they want it, and how to have it ready.
Quick note: Every lender is a little different. Your situation—whether you’re an employee, self-employed, or an investor—changes the list. Treat this as a general guide; whoever helps you with your loan will confirm exactly what’s needed for your application.
1. Proof of Identity (All Applicants)
Lenders must verify who each applicant is. For every applicant, have ready:
Driver’s Licence or another photo ID showing your current address
Medicare card
Passport or birth certificate
You’ll usually need to satisfy a “100 points of ID” check, and most lenders verify your identity electronically.
2. Proof of Income (All Applicants)
This is the big one. It shows you can comfortably afford repayments. For every applicant, have ready:
Your two most recent payslips
Your PAYG year-to-date summary from your workplace
From the ATO: your last two years of personal tax returns and last two years of notices of assessment
3. Bank, Loan, and Card Statements
Lenders look at how you manage money and what you already owe. Have the latest three months for:
All mortgage statements
All credit card statements
All bank and savings account statements
4. The Property
You’ll also need:
Council/rates notice for the property
The contract of sale (if you’re purchasing)
Your current home loan statements (if you’re refinancing, covered in section 3 above)
If You Have Investment Properties
For each investment property, you’ll also need:
Council/rates notice for that property
Rental income statements (latest three months)
The tenancy agreement or a rental valuation if the property isn’t currently tenanted
If You’re Self-Employed (Pty Ltd)
If you run a company, lenders need to see how the business is performing:
Last two years of business financials (profit & loss statement plus balance sheet)
Your most recent BAS (business activity statement)
Last two years of company tax returns
Additional Income or Benefits
If any of these form part of your application, have evidence ready:
Centrelink statement (for government benefits or payments)
Child support documentation evidencing the payments
Evidence of any other income, such as dividends or a second job
Other things a lender may ask for: Depending on your situation, you might also be asked for a gift letter (if part of your deposit is a gift), a building or pest inspection report, evidence of your deposit’s source, or details of any other financial commitments. Whoever helps you with your loan will confirm anything extra that’s needed.
Frequently Asked Questions
How long does it take to get a home loan approved in Australia?
With your documents ready, conditional approval can often come through within a few business days. However, this varies by lender and how complex your situation is. Missing paperwork is the most common cause of delay.
Do I need a deposit before I apply?
Generally, yes. Most lenders look for evidence of genuine savings. The amount varies, and some buyers use a guarantor or government schemes. It’s worth discussing your options before you apply.
What if I’m self-employed? Is it harder?
Not harder, just different. Self-employed applicants usually provide tax returns and BAS rather than payslips. There are also lenders who specialise in self-employed and alt-doc lending, which is one of the advantages of looking beyond a single bank.
Will checking my options hurt my credit score?
Talking through your options doesn’t affect your credit score. A formal application that triggers a credit enquiry can have an effect. This is why it’s worth getting matched to the right lender before you apply rather than applying to several at once.
Can I refinance with the same checklist?
Mostly, yes. The main difference is you’ll provide your current home loan statements (covered in the three-months section) rather than a contract of sale. The focus shifts to your existing property and equity.
Ready When You Are—No Obligation
You don’t need to have every document perfect before reaching out. Sometimes, the most useful first step is simply a conversation about where you stand and what’s possible.
At RateUnity, we help everyday Australians cut through the paperwork and find a competitive loan for their situation with no obligation and no pressure. If you’d like to talk it through, get in touch whenever you’re ready.
This article is general information only and does not take into account your personal objectives, financial situation, or needs. RateUnity Pty Ltd, Australian Credit Licence 554016.
