How do you actually apply for a home loan with us? What’s involved? What do we need from you?
While getting conditional approval from us online is a useful exercise, it doesn’t guarantee you’ll get a home loan. When you’re ready to formally apply, we’ll ask you a number of questions—and ask for supporting documents—before you get the go-ahead.
We’ve got a handy home loan checklist (PDF 361 KB) that’ll take you through—step-by-step—what we need. Note: all the documents we ask for must be either original or certified copies.
We need to know you are you! So we’ll ask for one primary photographic form of ID (eg. passport or driver licence), AND one non-photographic form (eg. birth certificate). We’ll ALSO need one secondary document (eg. Medicare card, recent utility bill).
2. What you earn
We’ll ask for details about your income so we can see if you’ll be able to meet your loan repayments (and a mortgage won’t put you under undue stress).
- If you’re a wage/salary earner, we’ll need EITHER a bank statement (which shows your last two salary payments), OR two of your last three payslips, OR a letter from your employer that outlines your employment details.
- If you’re self-employed, we’ll need your accountant’s details, AND your last two years of financial statements.
- If you’re receiving superannuation, we’ll need EITHER a super fund statement, OR bank statement showing your income.
- If you’re receiving government income, we’ll need EITHER a current Centrelink statement, OR a current bank statement that shows your government payments.
- If you receive income from rental properties, we’ll need EITHER a current bank statement that shows this, OR a current lease arrangement, OR a letter from your real estate agent/property manager.
- Lastly, if you receive investment income, we’ll need to see EITHER your shareholding certificate(s), OR a current dividend statement notice.
3. What you own
We’ll ask you if you have savings in non-NAB accounts, and for any shares, property or significant assets (eg. castle, island, small Russian gas field) you might have. We’ll need supporting documentation.
4. What you owe
We’ll ask for details on any non-NAB loans, credit cards, store cards, leases and other personal debts.
Many people take the chance to completely overhaul their finances before they buy a home. It’s a splendid opportunity to get your finances in order—and get things as simple and stress-free as possible. You might refinance your credit cards, or you may consider a debt consolidation loan. But if it’s not with NAB, we’ll need to know the details.
5. Residential status
If you’re renting, we’ll ask for details of the property owner (or estate agent).
6. Other stuff
Our home loan checklist (mentioned above) has the full list of ‘other stuff’ we might need documentation for. This includes:
- First Home Owner Grant (FHOG). Do you have one? We’ll need to see your completed FHOG application.
- Building a property. If you’ve already negotiated a contract, we’ll need cost estimates and timelines, OR a copy of the builder’s contract.
- Receiving a gift (money) to help you buy your home? We’ll need a letter from your benefactor detailing their contribution and the repayment conditions (if any).
This checklist may seem exhaustive, even a little intrusive. But as responsible lenders, we need to do all we can to ensure you don’t over-commit yourself.