Mortgage Loan Application Checklist

Fast-track your journey from mortgage enquiry to unconditional approval with our comprehensive mortgage loan application checklist. Applying for a mortgage is a long and complex process, involving everything from credit and reference checks to verification of employment and income.

To ensure that you have the best chance of getting your loan approved, we've compiled a checklist of some of the information a lender may require when assessing your mortgage application. Remember that requirements vary between financiers, so confirm the exact documentation you need directly with your lender or mortgage broker.

Information

Full employment history
Current and previous addresses
Details of your current assets - car, motorbike, boat, collectibles etc
Your income and outgoings

Employment documentation

Current records of your salary
Latest tax return/notice of assessment
If self-employed, three years' worth of tax returns
A letter from your employer stating the tenure of your employment

Costs of buying

First homebuyers are often shocked at the number of expenses involved in buying a property - from legals and bank fees to government charges, the costs add up.

As a general rule, you should budget for around 5-10% of the purchase price to be spent on acquisition expenses. These costs vary, but the following checklist covers most of the common expenses:

Type of cost	Cost
Valuation fees	$200-450
Conveyancing fees	$1,000-2,000
Lender's solicitor's fees	$250
Loan application fee	$300-600
Annual package fee	$400
Stamp or transfer duty	Concessions often apply for first homebuyers - otherwise, can cost up to 5% of the purchase price
Lender's mortgage insurance	Varies - it is charged on all mortgages when the loan to value ratio is higher than 80%
Mortgage Stamp Duty	Varies - not applicable in all states and territories, and is directly proportional to the size of your loan
Government charges (registration of transfer of land, registration of mortgage etc)	$500-1,500