What happens next? - BankSA · Loans and cards with other financial institutions If you have existing debts such as housing/investment loans, personal loans, margin loans, car loans,

Thins you should know: All applications for credit are subject to approval under BankSA’s prevailing credit criteria. BankSA – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 is the product issuer of the deposit and payment products in this brochure.

This information and advice does not take into account your personal circumstances. You should read the relevant Product Disclosure Statement to see if these products are right for you. Visit banksa.com.au. BankSA Home and Contents Insurance is issued by Westpac General Insurance ABN 99 003 719 319 (WGIL) and distributed by BankSA. BankSA does not guarantee the insurance. For BT Protection Plans and BT Protection Plans for Mortgage Customers, the insurer is Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life). All BT Protection Plans and BT Protection Plans for Mortgage Customers are issued by Westpac Life, except for Term Life as Superannuation and Income Protection as Superannuation, which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 (WSAL). These insurance products are distributed by BankSA. BankSA does not guarantee the insurance.

You can obtain a Product Disclosure Statement (PDS) for the deposit and payments products referred to in this brochure by phoning 13 13 76, 8am – 8pm, seven days. Please consider the PDS for the product before you decide whether to acquire or continue holding the product. BSA01215 0520

What happens next?A step-by-step guide to your home loan.

Are you a little nervous about applying for a home loan? Relax. It’s quite simple once you know what to expect. That’s why we’ve prepared this easy guide; it tells you everything you need to know so you’ll feel comfortable every step of the way.

Also, see our guide to buying a home at banksa.com.au

We want you to feel at home with your loan.We’ll do everything we can to keep you informed regarding the progress of your loan application. We’ll ask you whether you prefer to be contacted via email or SMS and, in some circumstances, your Lender may contact you directly.

To ensure everything runs smoothly and you choose the right loan for your needs and lifestyle, simply follow these 10 easy steps.

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Step 1. Let’s talk.Thank you for making an appointment to meet with a BankSA Lender.

Appointment is with:

Appointment time:

Appointment location:

Lender’s contact number:

At this first meeting, your Lender will talk you through your options, identify the best home loan for you and provide a quote. You’ll need to take several documents – see the checklist in this brochure for more details.

Step 2. Preparing for your meeting with your Lender.

Being well prepared for your first meeting can get your loan application approved sooner. So, if you need the money urgently, bring as much supporting documentation to the meeting as possible, as this will help the Lender to process your application quickly. See the checklist in this brochure for a list of the documents you need to bring to the meeting.

Step 3. What happens at your first meeting.

Your Lender will discuss your home loan needs with you. For example, are you buying your first home? Or are you wanting to buy an investment property? Or are you borrowing to pay for renovations or to build a new home? Do you need insurance or loan protection?

You’ll also be asked specific questions about your income, financial commitments, future financial requirements and what type of loan you prefer. You’ll also be given a booklet on fees and charges. As long as everything is in order, you’ll be given a conditional approval* based on the information you’ve provided. A conditional approval is your guide to how much you may be able to borrow from BankSA.

*BankSA's conditional approval is valid for 90 days. It is not a formal approval.

Step 4. Formal approval.Your loan can be approved immediately, provided that all the information required to assess and approve your loan (see list in this brochure) is available.

Step 5. Signing the Loan Offer and Mortgage Documents.

You have the option of having your Loan Documents posted to you or your Lender will contact you to arrange a time for you to come in and go through the details.

Make sure you carefully read your Loan Agreement (made up of the Loan Offer and the Loan Agreement General Terms and Conditions).

At this stage, there are a number of things you should discuss or check with your Lender:

• Are your personal details correct?

• Are all the loan details correct as discussed with your Lender?

• Do you have a copy of your Loan Agreement?

You can also ask your Lender about other services we may be able to help you with, such as:

• Financial and investment planning

• Protection Plans for Mortgage Customers

• BankSA Easy Switch™ services

Step 6. Witnessing Guarantees (if required).

If there are guarantees involved with your loan, each guarantor will be sent a complete set of documents for them to review and, where necessary sign and return to the bank before we can make the loan to you. Each guarantor will need to obtain independent legal advice prior to signing any documents.

Step 7. We receive your signed mortgage documents.

We can arrange for settlement of your loan within 2 days of us receiving all completed documentation.

Step 8. Arranging a date for settlement.As soon as everything is ready for settlement, we’ll contact your conveyancer, if applicable, to arrange a settlement date.

Step 9. Settlement.Loan funds are drawn and paid according to the written authority you give us. This may include the vendor of the property you are purchasing, your conveyancer or solicitor, real estate agent or other lenders. We send you a letter detailing how the loan was advanced.

Step 10. Congratulations.You’ve completed the loan process with BankSA.

We will contact you soon after settlement and your Lender can answer any questions you may have at that time. We hope the experience has been a great one. We’d love to hear your feedback, so please email us at [email protected] or tell your Lender. If there’s anything else we can help you with, please get in touch soon.

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Loan application checklist.Before applying for your home loan, use this checklist and come along to your meeting with your documents. This checklist is only a guide, as some of the information may not apply to you. We may also ask you for other information. If you are unsure what to provide, please speak with your lender for further information.

Proof of Income.

You will need to provide us with the following documentation for proof of income to support your application:

If you are an employee (PAYG).

Your last 2 consecutive computer generated pay slips, with the most recent being no older than 14 days or dated within 1 month (if monthly payment cycle) from application date. The pay slips must contain:

• Details of each component of your income

• Current and year to date gross and net income

• Your name and your employer’s name.

Self-Employed.

• Last 2 years’ Partnership/Trust/Company Tax Returns (including balance sheet and profit and loss statement) and

• Last 2 years’ Personal Tax Returns and Assessment Notices.

• Most recent Quarterly BAS dated within 120 days of last BAS quarter

• Corresponding BAS for same quarter for the prior year

• Bank statements dated within 14 days of application date showing 3 months of statement history

Assisted income.

• A letter from the relevant government department detailing current entitlements.

Commission/bonus. (been with employer more than 2 years):

• Current / most recent payslip covering a minimum of 3 months and

• Latest PAYG summary or

• Latest tax return and Notice of Assessment and prior financial year’s payslip with details of all historical bonus amounts received.

Maintenance.

• A copy of the Court Order and a letter from child support agency showing amounts received, together with copies of current statements showing payments over a period of 6 months.

Rental Property Income.

Property currently tenanted.

(One of the following is required per rental property);

• Copy of the current Residential Tenancy Agreement; or

• The most recent rental statement from the managing agent; or

• The latest tax return showing rental income.

Property not currently tenanted.

• Written rental opinion from a licensed real estate agent stating the property’s expected rental income.

New BankSA Customer.

Identification.

If you are new to BankSA, you will need to provide us with 2 forms of identification (ID).

One must be a Primary form of ID and must contain the individual’s full name and either residential address or date of birth. The second can be either a Primary or Secondary form of ID.

Savings History.

Passbook or financial statements.

Provide a copy of all statements of your savings account(s) held with other financial institutions – covering a period of the last 3 months.

Commitments.

Loans and cards with other financial institutions.

If you have existing debts such as housing/investment loans, personal loans, margin loans, car loans, credit card and/or store card debts not being refinanced by this loan:

Current statements covering at least 1 month prior to your application (most recent no more than 6 weeks prior).

Rental or board commitments.

These are only required if you are buying an investment property and plan to keep renting where you live. We'll need to see one of the following:

• Current signed and dated lease/rental agreement (no older than 12 months) detailing the rental amount, frequency/cycle, property address and name(s) of tenants

• Letter from licensed property manager/agent (no older than 3 months) detailing the rental amount, frequency/cycle, property address and name(s) of tenants

• Rental ledger from licensed property manager/agent (no older than 6 weeks) detailing rental amount, frequency/cycle and name(s) of tenants

• Bank statement or transaction listing (no older than 6 weeks), covering 2 payment cycles, with a detailed narrative which aligns to the rental outgoing and detailing the rental amount and payment date. Account number/account name must be able to be matched to the applicant.

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Child Support/Spouse or De-Facto Maintenance.

Please bring a copy of any one of the following:

• Court order or child support agency letter dated within last 12 months confirming the amount of the ongoing obligations

• Bank statement or transaction listing covering 2 payment cycles

Expense details.

Provide details of all ongoing expenses such as childcare fees, clothing/personal care, groceries, higher education & vocational training costs, insurance (excluding life, health, sickness and personal accident), insurance (life, health, sickness and personal accident), investment property costs (including insurance), medical/health (excluding health insurance), o/occ primary residence land tax, body corp & strata fees, primary residence costs (including insurance), private schooling & tuition costs, public or govt primary & secondary education costs, recreation/entertainment, secondary residence/holiday home costs (including insurance), telephone/internet/pay TV/media streaming subscriptions, transport, other regular or recurring expenses.

Borrowing purpose.

Building a house/renovating.

Provide a copy of an itemised tender/quote signed by the licensed builder, showing the builder’s licence number.

Where a deposit has been paid, you will also need to provide a copy of the deposit receipt.

Purchasing an existing property or vacant land.

Provide a copy of the Contract of Sale from the selling agent. If a valuation is required, BankSA will arrange it. You will also need to provide a copy of the deposit receipt, showing the full agreed purchase price and balance owing or a copy of the front page of the signed Contract of Sale.

Refinancing your existing loan from another institution.

Please bring supporting documents for all debt(s) being refinanced by the loan.

Secured debt such as mortgage:

• Current statements covering at least 6 continuous months prior to your application (most recent no more than 6 weeks prior)

Unsecured debt such as credit card or personal loan:

• Current statements covering at least 3 continuous months prior to your application (most recent no more than 6 weeks prior)

Borrowing against the equity in your current home.

Provide copies of your latest water and council rates.

Paying out a Joint Owner.

Provide a copy of a solicitor’s letter stating the amount of the payout to the other person, plus a copy of the Court Order from the Family Law Act or Relationship Act if relevant.

Other documentation.

First Home Owner Grant details.

If you are eligible, we can help you with your application, and lodge it on your behalf.

If your loan will be in a Company Name or Trustee.

• A copy of the Memorandum and Articles of Association of the company

• A copy of the share certificate

• A copy of your current Family/Unit Trust Deed.

To finalise the loan.

Details of your conveyancer/solicitor.

Provide the name and phone number of your conveyancer, if applicable.

Insurance.

Provide a copy of your current household insurance certificate, showing BankSA as mortgagee.

Additional documents you need to provide:

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First Home Owner Grant.If you’re a first home buyer, you may be eligible for a First Home Owner Grant, as long as you intend to live in the property yourself. This money is useful for paying costs such as legal fees, stamp duties and title searches, or adding to your deposit. Talk over your options with your Lender. For helpful hints on moving house and first-time property investment, visit banksa.com.au

What else can we do for you?We have some excellent products and services that are especially useful for home buyers.

Make life easier with a BankSA transaction account.

It’s a good idea to have your transaction account with BankSA, as your loan repayments can be direct-debited from this account. What’s more, if you have a variable rate loan, it can be set up as a mortgage offset account to help reduce the interest on your home loan.

Protection for your home.

With BankSA, whether you are a homeowner or a landlord, our range of general insurance products includes home and contents and landlord's insurance to help protect your assets.

Loan protection options.

Protection Plans for Mortgage Customers is a simple and convenient insurance solution designed to:

• pay a lump sum which can be used to pay outstanding mortgage debt, if you were to suffer a terminal illness or die;

• pay a monthly benefit which can help you meet your mortgage repayments, if you cannot work due to sickness or injury.

Ask you lender for more information on protecting your home and loan protection options today.

Check out our credit cards.

We offer some of the best value credit cards on the market, which is why Money magazine named us Credit Card Issuer of the Year in 2006, 2007 and 2008. So whether you’re after a card with a really low rate on purchases, or one that has a great purchase and cash rate, or even a low interest Gold credit card, we’re sure to have one that’s perfect for you.

BankSA Easy Switch™.

Take advantage of the opportunity to move your accounts to BankSA, and use the BankSA Easy Switch services. BankSA Easy Switch takes the hassle out of moving banks, by assisting with the closing of old accounts and switching of direct debits and credits to your new BankSA accounts. Ask your Lender about this service.

Thins you should know: All applications for credit are subject to approval under BankSA’s prevailing credit criteria. BankSA – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 is the product issuer of the deposit and payment products in this brochure.

This information and advice does not take into account your personal circumstances. You should read the relevant Product Disclosure Statement to see if these products are right for you. Visit banksa.com.au. BankSA Home and Contents Insurance is issued by Westpac General Insurance ABN 99 003 719 319 (WGIL) and distributed by BankSA. BankSA does not guarantee the insurance. For BT Protection Plans and BT Protection Plans for Mortgage Customers, the insurer is Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life). All BT Protection Plans and BT Protection Plans for Mortgage Customers are issued by Westpac Life, except for Term Life as Superannuation and Income Protection as Superannuation, which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 (WSAL). These insurance products are distributed by BankSA. BankSA does not guarantee the insurance.

You can obtain a Product Disclosure Statement (PDS) for the deposit and payments products referred to in this brochure by phoning 13 13 76, 8am – 8pm, seven days. Please consider the PDS for the product before you decide whether to acquire or continue holding the product. BSA01215 0520

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