Q: What do I need to provide when applying for a first home owners loan?
A:
- Proof of income and employment
One of the most important things you’ll need to provide when applying for a first home owners loan is proof of your income and employment. This may include recent payslips, tax returns, and bank statements. The lender will use this information to determine whether you can afford to repay the loan, so it’s important to be honest and accurate when providing this information.
- Proof of savings
In addition to proof of income, you’ll also need to provide proof of your savings. This can include bank statements or other documents that show you have a deposit saved up. Generally, you’ll need to have saved at least 5% of the purchase price of the property to be eligible for a first home owners loan.
- Identification documents
When applying for any type of loan, you’ll also need to provide identification documents. This may include your driver’s license, passport, or other forms of identification. The lender will use these documents to verify your identity and ensure that you are who you say you are.
- Proof of residency
To be eligible for a first home owners loan in Australia, you’ll also need to be an Australian resident or citizen. You’ll need to provide proof of your residency, such as your passport or visa, to be eligible for this type of loan.
- Property information
Finally, you’ll also need to provide information about the property you’re planning to buy. This may include a copy of the contract of sale or a letter from the real estate agent confirming the purchase price and details of the property. The lender will use this information to determine whether the property is suitable for a first home owners loan.
