Australian Mortgage Basics

Before applying for your loan, you will need certain mortgage documents to support your application, these may include:

• Group certificates or tax returns going back two years for everyone applying for the loan.
• Your last two payslips or a letter from your employer setting out your salary details if your employment has recently changed.
• Current savings statements showing you have a deposit plus six months records of your savings history.
• Evidence of the rental income you have received from all investment properties.
• If you're applying as a company, a copy of the last two years financial statements including balance sheets, profit and loss accounts, memorandum and articles of association and trust deeds.
• Current Loans Statements, or 6 months repayment history if you're re-financing.
• A copy of the front page of the contract and rates notices of any properties you're offering as security for your loan.

How much deposit do I have to put down first?

• You will generally need at least a 10% deposit. In certain circumstances you may only have to pay 5%.
• Don't forget you'll also need roughly 5% of the purchase price to cover taxes and legal fees.
• If you're a first home buyer you will usually need to show at least 5% of your deposit has been saved by you in regular instalments over the last six months.
• The rest of your deposit can be received as a gift from a friend or relative.