• Jason Hayden

Dreaded Documentation

Updated: Apr 28

Refinancing will save you many thousands of dollars. In fact, Blue Zinc will never refinance any client unless the savings are substantial.

However the process of collating the documentation or supporting paperwork is often thought of as a little painful. To help you through this process we have provided a little guide below. But first to help with your motivation please read - I am Just Going To Come Right Out and Say It.

Usually we will need to provide two consecutive payslips; last years PAYG Statement; three months bank statements for all accounts; three months statements for all loans and credit cards; two forms of ID; and a rates notice for your property.


With a concerted effort this paper work will take you just an hour or two of concerted time locked away with your laptop and phone.

Here are a few tips to help with document collection:

Payslips: if you have deleted them from your inbox send an email to HR or for larger

companies you will be able to login to your HR system.


Just remember the payslips need to be the most recent two consecutive payslips. Keep in mind if a new payslip becomes available between now and application lodgement you will need to send this to us.

PAYG Statement: from 2019 onwards this is available on your MyGov account or email your employer. For detailed instructions click here. If you have any problems you may need to contact your employer.


Bank Statements: If you have online banking Blue Zinc provides you with a secure and convenient Wealth Desk service. Wealth Desk is a more secure, faster and easier way to provide statements. All the major banks approve and subscribe to this service. Simply login and follow the four steps. There is a frequently asked questions link (top right) if you would like to find out more.


Importantly, the Wealth Desk set up should only be done after all other documentation has been provided. Statements are only provided to us on the day of Wealth Desk set up only. We do not have continuing access. So this should be the last step in the dreaded documentation.


If you don't have online banking the best option is to ring your bank and ask specifically for the most recent three months transaction account, credit card and personal loan statements. Importantly, a transaction history from the last statement date to today is required.


If you are refinancing any mortgage the new lender will require six months statements and a transaction history from the last statement date to today.

ID: Dig out your passport - good opportunity to check the expiry date, and grab your drivers license. Take separate photos of each. Note, if your address has changed we need a front and back photo of the drivers licence and the address must match. For both documents your full name must match the loan, which in turn must match the property title.

Council Rates Notice: This provides important title information and confirms names for the lender. Again if you don't have one handy they can be ordered online or phone your local council. Tip - make sure there is no arrears on them.

When the reward is saving thousands of dollars these few hours effort will be the best spent time of your week (Ok, there maybe one or two things better to do with your time).


Gift Declaration:


Investment properties


Rental Statement: If property is leased through an agent, they will usually email you a statement each month or simply email them and CC us, so they will send it back to both of us. We will need the most recent statement.


Lease & Bank Statements: If you manage the property yourself we will need a lease and three months bank statements (as above). You can download a blank lease here if needed.


Self employed


Tax Returns: Two years tax returns are required for self employed applicants. Sometimes clients confuse the full tax return for the notice of assessment. We require the completed tax return that is submitted to the tax office. Sometimes it is easier to email your accountant, CC and introduce Blue Zinc.


If two years tax returns are not available, please discuss with us as alternatives may be available.


Notice of Assessment: After your tax return is submitted the tax office will send you a Notice of Assessment. This is usually a one page document on the ATO letterhead. We will require this for both years.


Financial Statements: Sometimes your accountant will prepare financial statements for your business. These include a profit and loss and a balance sheet. The information in these documents can be different to your tax return. If available these financial statements will assist your mortgage application. We will require two years financials.


Timeliness

The documentation you supply is time sensitive. For example, we require the two most recent payslips, so if you are paid fortnightly the payslip cannot be older than two weeks. This means if it then takes two weeks to send us the bank statements, the payslip will now be out of date and we will need a new payslip.


Try and collate the documents quickly and send them to us in one or maybe two bundles.


As previously mentioned, if you have trouble obtaining any document please let us know and we will work with you to resolve the issue.

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