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What you need to apply

To speed up your application, make sure you have the necessary documents on hand when applying for your mortgage or investment loan - you can fax, email or post these documents to us.

Due to the Government's Consumer Credit Code requirements borrowers must supply certain documents when applying for a loan. These are specified below.

I am a...

PAYG Applicant:

Required:
  • 2 pay slips required for each PAYG applicant (one no more than 1 month old)
  • Latest group certificate OR latest tax return OR latest tax assessment
  • 100 point identity check
  • Letter from employer confirming superannuation salary sacrifice and/or fully maintained vehicle (if applicable)

Self-Employed/Company/Trusts Applicant:

Required:
  • Financials (eg. profit & loss statement and balance sheet)
  • Tax returns for the business in last 2 years (the latest cannot be more than 18 months old)
  • Personal tax return for the last two years
  • 100 point identity check
May be required:
  • Interim financials/BAS Statements
  • Last 3 months bank statements of business working accounts

Trust applicants:

  • Copies of the trust deed

Company applicants:

  • Copy of company constitution

My Loan will be used for...

Refinancing:

Required:
  • 6 months bank statements for home loan to be refinanced (to show you have a good repayment history)
  • Last three months worth of statements required for each credit card being refinanced.
  • Last six months worth of statements for any personal loans and other unsecured loans being refinanced.
  • Latest council rates notice
  • 100 point identity check
May be required:
  • Latest water rates notice and/or body corporate levies

Property purchase:

Required:
  • First two pages of the contract of sale
  • A Statutory Declaration stating that a gift or any other contribution you have received is not repayable, and evidence that the funds for the gift/contribution exists eg. Statements.
  • If the LVR < 85%: Latest bank statements to confirm that you currently hold the funds for the deposit
  • If the LVR between 85%-95%: You will need to provide proof that you have genuinely saved a minimum of 5% of the purchase price 3 months prior to application.

How to provide proof of genuine savings:

At a minimum, 3 months financial records need to be provided evidencing genuine savings.

At least 5% of the purchase price must be shown to be held at the end of a 3 month period. Depending on the records provided and how the 5% balance has been accumulated, some deposit amounts may need to be held for a full 3 month period in order to support the application, and in some situations, for up to 6 months.

Genuine savings can also be formed from equity in a residential property, and shares held for no less than three months.

Saving for your deposit:
If you're an owner/occupier borrowing up to 95% you will need at least a 5% deposit of genuine savings.

If you're an investor, borrowing in excess of 85% you are required to demonstrate 10% of the purchase price as genuine savings. The remainder of your deposit can be formed of 'non-genuine savings', which include:
  • Gift or inheritance only
  • Sale of assets e.g. motor vehicle
  • First Home Owners Grant (FHOG)
  • Funds held in a company / business account
  • Personal loan proceeds
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MyRate Update
Thursday 24th July 2014

Borrow up to 97%?

MyRate can offer a 97% LVR on purchases including capitalised LMI. Available at 5.17% variable and comparison rate.

Enquire now to find out more.

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