Buying a new home for yourself is surely a dream come true especially if you are a middle class person as you save your hard earned money for years and years to finally purchase a house of your dreams. Buying a property in Australia is not as easy as it looks because it requires a lot of paperwork which can be a cumbersome process for many of you. If you are taking a home loan from the bank, the paperwork just doubles so no matter if you are buying a house from Premium builders Adelaide or a normal builder, get ready for some major paperworks.

What are the documents you need

There are a lot of documents you will be needing to complete the whole process. Getting a pre-approval letter is one of the first steps in the process of home-buying and you require salary slip for 2 months at least if you are a salaried person, copies of your tax returns, bank statement for the past 2 or 3 months, documents mentioning how the remaining price will be paid and papers related to finance if you are financing the new home from a bank or a financer. If you are purchasing a home from your friend or not from traditional builders Adelaide, you will need a document where the person registers the house on your name. Also, in order to finalise the sale, documents such as seller disclosure statement, home inspection report and pest inspection reports are required as well.

Checklist for home loan

As mentioned earlier, if you are taking a home loan there are a lot of other paperworks which become mandatory. Following are the mandatory documents needed if you are buying a home through loan

Personal identification card

Any person or entity lending you money would be wanting to know your identity details. Documents such as passport, Driving license, or any other photo ID with your date of birth on it would do. If you don’t have these, secondary identification may include birth certificate, medical card, citizenship certificate etc

Details of your income

Depending on how you earn, there are various ways by which you can provide the details of your income as it is important for the lender to analyse your financial situation. If you are a salaried person, a copy of your 2 recent payslips would do. If you are self employed, personal and business tax returns will act as the proof of income. If you generate income from rent, your recent rental statement and tax return would do.

Home loan situation

If you are a first home buyer, statements showing your savings and investment, your recent statement of credit cards and bank accounts, copy of contract of sale of the property which you are buying are required. If you are an owner occupier buyer, statements showing your savings and investment history for the last 6 months, your recent statement of credit cards and bank accounts, copy of contract of sale of the property which you are buying are required

Assets and Liabilities

All the documents related to your assets and liabilities must be declared so that the financial institution may determine to repay the loan. All the luxury builders Adelaide would suggest you to arrange the necessary documents before reaching out to the financers which include bank account details, statement of the share investments, statements of superannuations, property assets including motor vehicle. Liabilities include existing loans and sometimes the list of everyday grocery expenses