Preparing for Your Home Loan Application: A Step-by-Step Guide for Healthcare Professionals

You're ready to apply for a home loan— this is a major milestone!

As a healthcare professional, being prepared and having your documents ready can help things move faster and more smoothly. Gathering all the necessary documents for your home loan application can be daunting. To simplify the process, we've created a detailed list of the required documents to help you prepare for this important step in your property journey.

Here’s What Your Broker Will Need:

Identification:

Verifying your identity with your broker is a legal requirement (we want to make sure it's really you). You'll need to provide at least one primary document, such as:

• Australian driver's licence

• Australian passport

Or you can supply two secondary documents, such as:

• Australian birth certificate

• Australian citizenship certificate

• Medicare card

Proof of Income:

As a healthcare professional, your mortgage broker must verify that you can afford your loan repayments based on your current financial situation. To assess this, you will need to supply documentation on your income and expenses, such as:

• Bank account statements showing salary credits

• Payslips (for PAYG applicants)

• Income Tax Returns & Notice of Assessments

• Tax returns (for self-employed applicants)

Your Financial Position:

In addition to your income, your broker will look at your overall financial position when evaluating your application. Essentially, they need to know if you own anything of considerable value (assets) and whether you have other debts (liabilities).

Assets can include:

• Vehicles

• Shares

• Home Contents

• Superannuation

• Savings

Liabilities can be classified as:

• Existing home loans

• Personal loans

• Car loans

• HECS debt

In most cases, the lender requires a minimum of 3 months of statements to verify ownership and account conduct of these liabilities.

You will also be asked about your monthly living expenses to assess whether you will have enough to cover mortgage repayments. Living expenses can include items such as:

• Groceries

• Transport

• Gas

• Electricity

• Water bills

• Insurance (general/personal)

• TV

• Phone

• Internet
  

To verify expenses, the bank will look through your everyday spending account and match this to the expenses you have declared to your broker.

AHPRA Certificate (for Health Practitioners only):

If you are a health practitioner, it's essential to provide a legal practicing certificate when applying for a home loan to access exclusive benefits specific to your industry, including:

• Buying with a 5 or 10% deposit

• Waived Lender’s Mortgage Insurance (LMI)

• No parental guarantor required

Check with Your Broker:

What you may need to submit to the lender can vary according to your situation, we will always let you know what's required for each bank ahead of time.

This will make your application process smoother, meaning you can access your dream home sooner!

Download our free Home Loan Application Checklist for Healthcare Professionals below

Home Loan Application Checklist for Healthcare Professionals.pdf

Download PDF • 119KB

Have a Question About the Home Loan Process?

Speak to our friendly team today at Healthcare Home Loans.

We're here to make your home loan journey as smooth and stress-free as possible. Let's get started on making your dream home a reality!