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You will need the following documents to apply for a home loan:

• Identification. Driver’s licence, passport, or photo ID that satisfies your lender’s requirements (i.e. Proof of Age Card).
• Proof of income. Bank statements, payslips, or income verification from your employer.
• Financial assets, liabilities, and expenses. A detailed list of your expenditure or savings, any outstanding loans or debts, and assets; with supporting documentation (i.e. rates notice for a property, statements on any loans or credit cards, share statements etc).

There are a few costs and fees to budget for when buying property. Some of these include:

• Lender costs. Lender costs vary and usually include application fees or package fees, property valuation fees and cover costs for administration fees as well as the lender’s own These costs will generally be between $600 and $900.
• Legal and conveyancing fees. Generally between $1,000 and $1,500 but can vary, so it’s important you shop around.
• Mortgage insurance costs. Lenders Mortgage Insurance is applied to loans that are more than 80% of the purchase price. The best way to avoid mortgage insurance, or at least to minimise the costs, is to save for the largest deposit you can.
• Building inspection and report. A qualified expert should carry out the building inspection before you purchase the property. The Contract of Sale should take into consideration the building inspection, giving you the option to withdraw the offer without any significant penalties if the building inspection doesn’t stack up, if there are issues identified that may impact the value of the property, or if future works to be completed may come at a cost. The cost of a building inspection and report varies depending on the size of your property.
• Pest inspection. Again, this should be completed before you purchase the property to ensure the dwelling is without pest-related problems. The Contract of Sale should also take into consideration the pest inspection, giving you the opportunity to withdraw if pests are found to be a problem with your property, without incurring any major A pest inspection will usually cost around $500, depending on the size of your property.
• Stamp duty. Stamp duty rates apply to all property purchases and depend on the property’s value price and the purpose of the property (owner occupied or investment), varying between each state and territory.
• Ongoing costs. When you have signed a Contract of Sale and apply for your home loan, it’s a good idea to start looking at home and contents insurance. All lenders require building insurance and will typically indicate a minimum sum insurance which will cover the building should anything go wrong. Once you sign a Contract of Sale, you need to consult your legal representative to see if you need insurance cover immediately. It is generally advisable to insure for more than the minimum sum to cover the costs should you be required to rebuild. This also applies to contents insurance, which protects you if you need to replace your belongings should the unexpected happen.

Once you have settled into your new home, you will also need to budget for council and water costs. If purchasing a unit or townhouse, don’t forget to include any body corporate fees in addition to your regular home loan repayments.