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What does the Commonwealth Bank require when applying for a home loan?

Do they prefer no credit card debt? No personal loan? Can these be rolled into the home loan at all? Or is it best to get them paid off first? How much deposit is needed on a property under $180,000? Can you have no deposit? Thanks in advance.
Experience will other banks welcome also.


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Answers (3)

The same as any other bank, clean credit, minimal debts, proven savings history and a large deposit (20%+). Any CC and Personal loans will affect your loan score.

 Thankyou. I was curious to know also if banks will merge any credit cards or a personal loan into a new home loan?
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 If your credit card and personal loan are with commonwealth they may, it really depends on if they decide you can afford it.
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 Don't merge your cc or personal loan. You'll end up paying them off over the 30 year loan term and it will cost you a lot more in interest. Try and pay your credit card off first and at least make extra repayments on your personal loan. I've always found mortgage brokers more helpful than dealing directly with banks. Try find a mortgage broker by word of mouth if possible
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Pay slips for the last 3 months.
Credit history that they can obtain on the spot from their end.
Credit card and loans amount (and they can check this on their end too).
They will ask you what you think your expenses per month to live are.
How many dependants.
Will look at your current bank account to make sure that they can see deposits coming in from work and that you were not gifted the deposit by a family member etc. They need to know that you can pay the loan this is why they need to see this.
That's about all I can think of right now :)

You should talk to BOQ first! (Preferably BOQ Logan Central lol) BOQ has awesome competitive interest rates, and have just started their spring Beat It Campaign where they're beating the interest rates of the Big 4 banks and if they can't the person could get $1000!

 Sounds like you work there and need to get your sales up
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 Lol, don't need to get sales up. I just believe it's a great offer. Why not shop around to try and get the best rate?
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