A checklist of documents that you'll need to apply for a home loan refinance

Refinancing your home loan is a whole lot easier when you’ve got all your ducks in a row. So, to help you prepare yourself for the refinancing process we’ve pulled together this refinancing checklist. From proof of income to itemised expenses and everything in between, our refinancing checklist is here to help you understand the ins and outs of the information you need to refinance your home loan. 

What do I need to refinance my home loan?

At the end of the day, the refinancing application process is pretty similar to the home loan application process in terms of the documents that you need for your application. Here’s a rundown of the documents you’ll need to apply for a home loan refinance.

Personal Identification

When it comes to applying for a home loan refinance, you’ll need to provide lenders with copies of your personal identification so they can verify your identity. This often includes non-photo ID along with photo ID.

In terms of non-photo ID, most lenders will need to know your:

• Full legal name
• Date of birth
• Residential address
• Mailing address
• Occupation

As for your photo ID, you’ll typically need to provide an:

• Australian driver’s licence OR
• Australian passport

You might also be asked to provide your birth certificate or medicare card as well as details about your relationship status and the number of dependants as this information can impact your borrowing capacity. 

Proof of income

Most lenders want to make sure you’re able to service a home loan before they lend you hundreds of thousands of dollars, which is why proof of income is an important refinance requirement. The type of documents you provide as proof of income will depend on the type of employment or income you receive.

Employment income (PAYG) 

If you’re employed on a PAYG basis, you’ll typically need to provide one or more of the following documents:

• Your most recent payslips
• Your bank statements from the last three months, evidencing permanent employment base salary, allowances, overtime and bonuses, or
• Your bank statements from the last six months, evidencing commission, casual, temporary and seasonal income.

In some cases, you can also provide a letter from your employer to demonstrate the commission and bonuses you receive at work.

Self-employed income

In all cases, your business will need to demonstrate it has made a profit in each of the two most recent financial years by providing the following:

• ‍Sole Trader & Partnership: Your personal tax returns from the two most recent financial years ‍
• Company: Financial statements from the two most recent financial years OR a letter from your accountant on the company letterhead dated in the last six weeks advising that the business made a profit in the two most recent financial years

If you’re doing business as a Sole Trader or Partnership, we will also need:

• Your most recent Notice of Assessment (NOA)

If you’re doing business as a Company, we will also need:

• Your personal tax return from the most recent financial year AND most recent Notice of Assessment (NOA) OR
• Your personal bank statements from the last six months, showing regular and consistent payments of income from your business

Other income 

If you receive other types of income or payments, you’ll need to supply additional documentation to support your income:

• Rental income: rental income can be supported with bank statements, statements from your property managing agent, your most recent tax return or the current lease agreement for your property where rental income is received.

• Investment income: you’ll need to provide a statement from the investment administrator (EG. registrar or broker) showing income received over the last 12 months.

• Government payments: government payments can be supported with bank statements from the last six months or a letter or statement from the relevant government department, showing the regular benefit amount.

• Child or spousal support: provide your bank statement from the last six months or a family law court order, child support agency letter or solicitor’s letter showing the regular benefit amount.

• Superannuation fund income: supported with a statement or letter from your Superannuation Fund outlining the indexed pension amount or annuity.

Overview of your debts and expenses

In addition to the money you have coming in regularly, the bank is also interested in your outgoings, whether that be from debts, liabilities or expenses. 

You’ll need to provide your lender with an overview of your monthly expenses. This includes:

• Basic housing and property expenses, like electricity, gas and water
• Rent or board
• Communications and media
• Food, groceries, pets and dining out
• Recreation and entertainment
• Clothing and personal care
• Medical and health
• Transportation
• Education and childcare
• Insurance
• Other expenses

You’ll need to provide your lender with an overview of your existing debts and liabilities. This includes:  

• Home loans
• Personal loans
• Car loans
• Credit cards
• Lines of credit
• Store cards
• Charge cards
• Personal overdrafts
• Margin/investment loans
• Buy now, pay later services (BNPL)

Records of your assets

Providing details of other assets in your refinancing application can help provide the lender with a better picture of you as a potential borrower. With this in mind, you might need to provide additional documentation on:

• Car, boats and motorcycles
• Investment properties
• High-end jewellery and art
• Investments, shares, bonds and stocks
• Savings
• Superannuation

Current home loan statements

When it comes to refinancing your existing home loan, you’ll need to provide a few details current home loan and the property itself. Depending on the lender you may be asked for:

• Home loan statements, payment history and remaining balance
• Information about the property
• A property valuation, although the bank might organise this for you. 

Being organised and preparing your documents ahead of time can help to take some of the stress out of refinancing. For more information on how to refinance your home loan have a read of our six-step guide to refinancing. 

If you’re on the hunt for a new home loan to refinance to, check out what’s on offer at Unloan. You can even use our savings calculator to work out how much you could stand to save when you switch to Unloan. 

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This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.