HOME LOAN APPLICATION

Home Loan Application forms and process

Once you have been invited to apply for an IBA home loan, you will be asked to submit a Home Loan Application and other supporting documents. We will use this information to verify the following information and assess your eligibility for an IBA Home Loan.

We would use this information to verify if the information provided is an accurate representation of your EOI submission using a credit reference check provided by Equifax.  To understand what information is held on file with Equifax, you can request a copy of your credit report from their website by paying a small fee.

We verify your:

• Identity
• Aboriginal or Torres Strait Islander descent
• Income and employment
• Savings history
• Rental history
• Current living costs and expenses
• Existing assets, debts and liabilities
• Credit history
• Any other information relevant to your application.

If you want to know what information about you is held by the credit reference agency used by IBA, you can request a copy by visiting Equifax.

Once the assessment has been completed, and if you successfully meet all the criteria, our staff will advise you of your pre-approval, the amount that you are able to borrow, and you can start looking for a home to buy. It is important that you do not make any offers on a property or enter into a contract of sale until after your loan has been pre-approved by IBA.

As everyone’s circumstances are unique, there may be cases where IBA can only provide you with a loan that covers part of the funds you need to buy a home. In these cases, you will need to borrow the remaining funds to complete your purchase from another lender.

If you have an email address, IBA will send you an application form and additional documents (i.e. Aboriginal and Torres Strait Islander Descent Confirmation) to complete via the Ezidox platform, a safe and efficient way to provide your information and upload documents. If you don’t have access to email, we can send a paper-based application kit. 

Please read the application form carefully as it details the documents required.

Additional information and evidence

1. Identification documents - details of acceptable documents can be found below.*
2. Latest two consecutive wage or salary payslips or a letter from employer giving details of your employment.
3. Copies of most recent bank statements for all transaction accounts for each applicant.
4. Evidence of savings (for deposit and costs). For example, bank, building society and/or credit union statements.
5. If any of your funds were a gift, a separate statutory declaration from the person who made the gift and evidence of funds. For example bank, building society and/or credit union statements.
6. Evidence of financial commitments. For example, copies of latest account statements for loans, credit cards, store accounts and, if applicable, child support payments.
7. Latest income tax assessment (please remove or delete your tax file number before submitting to IBA).
8. If self-employed, a copy of your income tax returns for the last two years and income and expenditure statements of the business for the last two years (please remove or delete your tax file number before submitting to IBA).
9. Evidence of ownership if you already own land.

*Acceptable identification documents

1. One photographic identification document from List A;
2. two non-photographic identification documents from List B; or
3. one non-photographic document from List B and one document from List C.

List A

• An Australian passport (either a current passport or a passport that expired within the last two years)
• A current drivers licence (issued by a state or territory)
• An international passport or identity card (issued by a foreign government, the UN or related agency and must be accompanied by a translation if not in English)
• A proof of age card (issued by a state or territory)

List B

• A birth certificate or birth extract (issued by a state or territory in Australia)
• A citizenship certificate (issued by the Commonwealth of Australia)
• A pensioner concession card, a health care card, seniors health card (issued by Centrelink or Department of Veterans’ Affairs)

List C

• An Australian Tax Office tax assessment notice (issued in the last 12 months and shows current residential address)
• A notice by a local government body or utilities provider e.g water rates or  council rates (issued within the last three months and shows current residential address)
• A landline telephone, gas or electricity notice (issued by a utilities provider within the last three months and shows current residential address)
• A Government financial benefits notice  e.g. Centrelink statement (issued in the last 12 months and shows current residential address)

Appendices

1. Appendix A: Persons who can certify a document for identification purposes.
2. Appendix B: Privacy notice

Application guide

In this video, IBA staff talk about the key documents you need to complete when applying for an IBA home loan: