What documents are needed for a home loan?

When applying for a home loan, it pays to be prepared! Canstar goes through all the documents required for a home loan to help ease you into the application process.

Before applying for a home loan, it is important to do your research. Fortunately, Canstar can help you compare home loans – we research and give star ratings to home loans every year. We try to capture every home loan available on the market in New Zealand, giving you a wide range of options to choose from.

Once you’ve made a decision, it’s time to start gathering the documents required throughout the application process. The information you need will depend on your circumstances and requirements may vary from lender to lender. With our handy guide, we help narrow down the process and ensure you get your home loan approved as soon as possible.

Your lender may require additional documents for a home loan application. Please refer to your chosen lender’s website for full details.

Documents required for a home loan:

  1. Personal identification – it’s important for the lender to verify your identity
  2. Income details – do you have a regular, ongoing income?
  3. Home loan situation – are you a first home buyer, or a frequent investor?
  4. Assets and liabilities – are you capable of repaying the loan?

1. Personal identification

Any lender you go through will require you to verify your identity when making a loan application.

Forms of primary identification with some kind of photograph include the following:

  • Current passport
  • Driver’s licence

If you’re unable to present a form of primary identification, lenders will usually require at least two forms of secondary identification. If you don’t have any of the above, forms of secondary identification may include:

  • Birth certificate
  • Credit card
  • ATM/debit card
  • Citizenship certificate

2. Income details

You can prove your income in a number of different ways, depending on your employment circumstances. Information about your income is vital, as it gives the lender an understanding of your financial situation.

If you are an employee, you will need:

  • A copy of your most recent payslips (the number required may vary between institutions).

If you are self-employed, you will need:

  • Personal and business tax returns

If you have a rental income, you will need:

  • A formal signed lease (either current or new)
  • Your most recent rental statement
  • Tax return, no older than 18 months

Depending on your financial institution, you may also need proof of any other regular ongoing income, including:

  • Bank accounts that show rental income for any investment properties or rental income statements
  • Share dividends and interest earned
  • Family tax benefits statement.

3. Home loan situation

Your home loan situation will determine what documents your financial institution may ask for, so have these documents ready:

If you’re a first home buyer:

  • Statements showing your savings and investment history
  • Your most recent statements for your bank accounts and credit cards
  • A copy of the Contract of Sale for the property you are buying
  • Supporting evidence if other funds are contributing towards the deposit on the purchase as well (e.g. partial payment of deposit by a family guarantor, or monetary gift from an inheritance)
  • A statutory declaration for any funds that are being given to you to put towards the purchase, if these funds are not already in your bank account (i.e. a promise that the you will be given the funds for that purpose)

If you’re an owner occupier home buyer:

  • Your most recent statement for your credit cards
  • Account statements for all home loans and personal loans for the last 6 months
  • Savings and investment history for the last 6 months (savings account statements, term deposit statements, share certificates)
  • A copy of the Contract of Sale for the property you are buying
  • Supporting evidence if other funds are contributing towards the purchase as well
  • A statutory declaration for any fund that are being given to you to put towards the purchase, if these funds are not already in your bank account (i.e. a promise that the you will be given the funds for that purpose).

If you’re a refinancer:

  • Account statements for all home loans and personal loans for the last 6 months
  • Documentation and all relevant information for your existing home loans
  • The latest Council Rates Notice and home building insurance policy for the property or properties being used as security for the loan
  • Credit card statements for the last 6 months, or if there is nothing owed, your most recent statement

If you’re an Investor:

If you already own an investment property, you will need to provide the following documents:

  • Rental statements as evidence of rental income
  • The latest Council Rates Notice and landlord insurance or home building insurance policies for the property or properties being used as security for the loan
  • A copy of the tenancy lease
  • A copy of the Contract of Sale for the property you are buying.

4. Assets and liabilities

In order for the financial institution to determine your capacity to repay the loan, you will need to list your other assets and possible liabilities.

Some examples of assets include:

  • Bank account details with proof of your savings
  • Current term deposit account
  • Share investment statements
  • KiwiSaver statements
  • Property or motor vehicle assets (e.g. the market value of the car you own)

Some examples of liabilities include:

  • Details of any existing loans (e.g. personal loans, car loans, or other home loans) and credit card statements
  • It is also sometimes useful to provide an indication of everyday living expenses such as groceries, utilities, and petrol bills

Application success!

By following our handy documentation checklist, you’re one step closer to your dream home. By researching and rating home loans every year, we here at Canstar do the hard work for you – so start comparing today

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