Documentation Requirements

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When completing your application refer to the following documentation. These are the documents that Rate Star will request in order to complete verification of details entered into your application.

Your income details

(Flexible, Flexible Plus or Line of Credit Home Loans only)

Wage/salary earner

Payslips:

Two of the three most recent computer generated payslips from the date of the application (payslips must contain: the borrower’s name, employer’s name, employer’s ABN and the year-to-date income).

Financial institution statements:

Three months’ statements showing regular credits. Statements must be no older than one month from the date of the application (internet bank statements must contain: the bank logo, the borrower’s name, an itemised list of transactions, the account number; and the account balance.

At least any two of the following:

Current employment contract
PAYG Payment Summary
Tax Assessment Notice
Letter from the employer on company letterhead; signed, dated and showing the ABN
One computer generated payslip

If you're a wage/salary earner and wish to include income that's in addition to base gross income in your application, for example overtime, bonuses, commission or any other income received on a recurrent basis, please provide one of the following:

The last two years' Group Certificates (Payment Summary)

The last two years' Tax Assessment Notices

A letter from your employer confirming your full name and position, the length of your employment, base wage/salary, gross annual income earned in the last two financial years and that the level of additional income (eg overtime, bonuses etc) is expected to continue.

Self Employed earners

If you're self employed, we will need either of the following options:

Your taxation returns for the last two years, and your most recent Taxation Notice of Assessment

Your financial statements for the last two years, and your most recent Taxation Notice of Assessment.

Rental Income

Please provide one of the following

A copy of the tenancy agreement
Rental appraisal from licensed valuer
Letter from real estate agent with current or expected rental return
Rental statements from property manager
Current income tax return
Current bank statements

Company car

(fully maintained, available 24 hours a day, seven days a week)
Please provide one of the following:

Letter from employer;
Employment contract.

Social Security/government pension/private pension/ Family Allowance Types A & B

Please provide one of the following:

Statement of benefit from Centrelink;
Bank statements.

Investment income

(share dividends, royalties, interest, annuities and distributions from property trusts, etc.)
Proven over a two-year period and confirming investments are still current.

Please provide one of the following:

Copy of statements from investment manager or broker, showing past earnings and current holdings;
Taxation return for past two years.

Your funds toward your purchase

These may be with banks, building societies, finance companies, credit unions, etc. You'll need to provide the most recent account statements, passbook(s) and investment certificates to confirm the funds you have for your purchase.

Verification of genuine savings

Genuine savings can be defined as: Savings the borrower has accrued over a period to use towards the property purchase. This is generally 5% of the purchase price and should be:

Saved in the name of the applicant

AND

Regularly saved over a period of three months

Held as a lump sum by the applicant for a period of three months

Evidence may include:

Bank statements,
Term deposit advices,
Share certificates,
Proceeds from a real estate property sale within the last twelve months.

Rate Star may allow a gift/inheritance to be used, where savings have been sacrificed by making accelerated loan repayments over the previous three months. In these circumstances, the existing savings plus the value of excess repayment must be equal to or greater than the minimum savings required.

Your loan details

These may be with banks, building societies, finance companies, credit unions, etc. You'll need to provide the following:

For Refinances:

Most recent six months statements for mortgage related debts (ie home loans)
Most recent three months statements for non mortgage related debts (ie Personal loans & credit cards) will be required.

Purchase contract

If purchasing a new property a copy of the purchase contract will need to be provided.

Other details

In due course you'll also need to provide acceptable proof of identity.

We will provide you a list of acceptable types of identification, once your eligibility for a loan has been confirmed.

You will also need to have the following on hand to enter into the application:

Details of credit card where we can debit any fees applicable to your loan.
Your solicitor details (if known).