Home Loan applications explained
Applying for a home loan can be more than a little overwhelming. That's why we've demystified the process. Here's what we'll ask you for, and what to expect.
Applying For Loans
Home Loan Requirements - Financials
After starting a conversation with an expert Greater Bank lender, the next step is to meet at a time and place that suits you for an application interview.
Your lender will let you know exactly what you'll need to bring to this meeting, but initially, they will ask for some supporting documentation to provide a clear picture of your financial situation.
Having the following documentation handy will help speed up the process:
- Proof of your identity - ie; photo identification showing your full name (including middle name) where applicable.
- Proof of your income - Your last two payslips and any evidence of rental or dividend income received.
- Self-employed - If you work for yourself, we'll ask for business and personal tax returns from the previous two years, along with your Notice of Assessment from the A.T.O.
- Benefits - If applicable, we'll ask for evidence of Family Tax Benefit/Child Support Income
- Proof of Assets - things like rates notices for any existing owned property, or rego papers for vehicles, etc.
- Savings & Deposit - We'll also ask for savings account statements for the previous three months, as well as proof of deposit if your deposit isn't coming from existing savings.
Existing Loans
As part of the application process, we'll ask you to bring along statements for any existing loans or credit cards you hold, so we can make sure they're all up to date.
1. Home Loans
For existing Home Loans, we'll ask you to bring along statement proof for the previous six months.
2. Personal Loans
For existing Personal Loans, we'll ask you to bring along statement proof for the previous three months.
3. Credit or Store Cards
For Credit or Store Cards, we'll ask you to bring along statement proof for the previous month, with proof of payment.
General Expenses
At Greater Bank, we have a reputation as a responsible lender.
This means that we take the time to meet with our customers and ensure that we can help them make their dreams a reality, while making sure they have the best loan for their needs.
So that we can get a clear picture of your financial situation and find the best fit for you, your lender may also request some information about your general living expenses.
1. Essentials
Your lender may ask for information around your essential living expenses such as (but not exclusive to) food, transport, utilities, rates, telephone & internet.
They may also ask about some of your discretionary expenses, such as Pay TV/subscriptions, recreation and holidays.
You can use our handy Budget Calculator below to help you get an idea of how your individual expenses tally up.
2. Insurance and Education
Your lender may also ask you to bring along evidence of some of your ongoing Insurance expenses, for things such as Home and Contents, Private Health, Life and Income Protection Insurance.
As well as this, your lender may request information about your Education and Child Care expenses.
Home Loan Applications At Greater Bank
We know that applying for a home loan can be a stressful time, with so many things to organise and priorities to juggle.
That's why our expert lenders are with you every step of the way, holding your hand and doing all the hard work for you so you can focus on getting excited about your new place!
To start a conversation with one of our lenders today, just leave us some details in under a minute via our enquiry form below.
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Monday to Friday 8:00am – 6:00pm AEST.
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*Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 Australian Financial Services Licence/Australian credit licence 238273
++ $2,000 cashback for loans ≥$250,000 with LVR of less than or equal to 80%, or $3,000 cashback for loans ≥$500,000 with LVR of less than or equal to 80%,. Applications must be submitted by 31/05/2024 and funded by 31/08/2024. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 80% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.
+Additional costs may apply if your loan has a fixed rate.
All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.
FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908.
Rate City Gold Award 2024, see http://ratecity.com.au/home-loans/awards for more information