Full-Doc Home Loans
What do I need to supply to apply for a home loan?
- Application form
- Proof of income (Either: Tax Returns, Bank Statements, Financials, Payslips, Employment Contract)
- ID
- Credit check authorisation
How much deposit do I need?
The minimum required deposit is 10% but aim for 20% if possible. If you’re borrowing more than 80%1 of the property value, you’ll need to take out Lenders’ Mortgage Insurance.
What is Mortgage insurance?
Mortgage insurance minimizes the risk for lenders to offer loans to borrowers who don’t have a 20% down payment and therefore have less equity in their homes once they are purchased
Saving history and credit rating
Saving for a deposit is a great way to show that you’ll be able to manage home loan repayments. Three months or more is a good demonstration of your ability to save.
The lender will also look at your credit rating, which is based on your borrowing and repayment history, including how often you’ve shopped around for credit. There are several credit reporting agencies you can use to check your rating online.