Understanding the borrowing capacity process.
The most common questions about the financial documents requested
Our most frequently asked questions
Why do you need to see my financial documents?
We request your financial documents to accurately assess your financial situation and determine your eligibility for a new investment property purchase, a new principal place of residence, an equity release or a home loan refinance. This thorough assessment helps us provide you with the best possible advice and loan options. Should you proceed with a lender, it also increases your chances of a quick approval without unnecessary “hits” on your credit file.
This thorough assessment is not an application for finance so your credit file is not impacted. At OpenCorp we make personalised loan and investment property recommendations and to do this effectively we need to have assessed your situation in detail. While the list of documents may be extensive, the superior results you achieve from this personalised approach make the effort worthwhile.
What types of documents do you need?
The documents we typically request include:
- 2 most recent pay slips date within the last 4 weeks
- Tax returns, Notices of Assessments & Income Statements
- Business financials (Self-employed income)
- Proof of any other income (e.g., rental income or pensions)
- Bank statements for all accounts in your name
- Existing loan statements for all loans
- Credit card & Buy-Now-Pay-Later statements (e.g., AfterPay, ZipPay/ZipMoney)
- Indentification documments (e.g., driver’s license, passport & Medicare card)
- Rates notices for all properties owned
- Superannuation statements
Why are these specific documents required?
These documents provide a comprehensive picture of your financial health, including your income, expenses, assets, and liabilities. They help us and the lenders understand your ability to meet loan repayments and, where applicable, manage an investment property. Below is a breakdown of why each document is required:
- Identification Documents (e.g., driver’s license, passport & Medicare card)
- Required to verify your identity and citizenship status. These documents help prevent fraud and confirm that the applicant is who they claim to be.
- VEVO Check (Foreign Passport Holders)
- Confirms your current visa status, including type, validity, and work rights.
- Payslips (2 most recent dated within the last 4 weeks)
- Used to verify employer, income including base salary, bonuses, allowances, commissions, deductions (both pre & post tax), employment type, and super contributions
- Income Statement (also know as PAYG Summary or Group Certificate)
- Verifies earnings, including salary, wages, bonuses, and other forms of income.
- Tax Returns (Self-Employed/Trusts)
- Required to verify income, including business profits, allowances, deductions (both business and personal), and overall financial stability.
- Notice of Assessments (Self-Employed)
- Confirms the accuracy of your tax return and verifies taxable income, tax paid, and any outstanding liabilities.
- Company Financials (Self Employed/Trusts)
- Provides a detailed view of your business’s financial health, including income, expenses, assets, and liabilities.
- Proof of Any Other Income (e.g., rental income or pensions)
- Provides a complete picture of your financial situation and in some instances improve borrowing capacity.
- Loan Statements (personal, car, business & home loans)
- Verifies current financial commitments and repayment history, including outstanding balances and payment behaviour.
- Credit Card & Buy-Now-Pay-Later Statements (e.g., AfterPay, ZipPay/ZipMoney
- Verifies all open facilities, even if there is a $0 balance, to assess overall financial commitments and credit exposure.
- Rates Notices for All Properties Owned
- Verifies property ownership and confirms outstanding council rates.
- Superannuation Statements
- Verifies retirement savings, contributions, and overall financial stability.
Are these documents required by all lenders?
Yes, the documents we request are standard requirements for all Australian lenders. They are necessary to ensure compliance with lending regulations and accurately assess your borrowing capacity. Under the Best Interests Duty (BID) legislation, it is a broker’s legal responsibility to ensure that any new lending is in your best interest. Providing accurate information helps us protect both your interests and ensure compliance with this duty.
How do these documents help with my loan application?
The documents enable us to:
- Verify your income and employment status
- Assess your current financial commitments
- Determine your borrowing capacity in depth Identify the most suitable loan products for your needs. This thorough process is in line with the Best Interests Duty (BID) legislation, ensuring that we act in your best interests by providing accurate and comprehensive information. If you’re looking at starting or growing your investment portfolio, all of these documents would be required for a finance application once you’d secured a property so assessing your borrowing capacity in detail now not only saves time later but more importantly ensures we can make the most suitable, personalised investment recommendation for your situation.
Why do brokers need these documents for accreditation compliance?
Brokers have strict accreditation compliance requirements with our Aggregator to ensure they adhere to industry standards and regulations. This compliance helps protect your interests and ensures that brokers provide reliable and trustworthy advice.
How can I ensure my documents are secure?
We take your privacy and security seriously. All documents are handled with the utmost care and stored securely to protect your personal information. We comply with all relevant data protection laws and regulations.
- Cashdeck (Bank statement Retrieval)
- The Cashdeck portal adheres to stringent security measures to protect your information, including advanced data-scraping technology and internet banking-level security. It is ASIC and ACCC approved and access requires multiple authentication levels, including biometric procedures. Your credentials are only briefly stored and are always encrypted. For more details, please click here.
- Client Portal
- Your documents are stored securely using Amazon’s AWS infrastructure which includes AES256 encryption for data at rest and TLS 1.2 and 1.3 encryption for data in transit. Our system undergoes continous security monitoring, including regular vulnerability scans and annual penetration tests, and is backed by SOC2 Type ii accreditation.
What happens if I don't provide all the requested documents?
If we don’t receive all the necessary documents, it can hinder our ability to conduct a complete assessment of your financial situation. This may lead to an incorrect borrowing assessment or result in recommending an unsuitable loan product, potentially impacting your eligibility.
How long does the document review process take?
Once we receive all your documents, it typically takes only 48 hours for the broker to provide a borrowing capacity assessment. For OpenCorp clients, please ensure all documents are submitted at least 48 hours before your appointment with your Property Strategist. For non-OpenCorp clients, your broker will reach out to you directly within 48 hours after your file has been reviewed. We strive to complete the assessment as quickly as possible while ensuring accuracy and thoroughness.
Who can I contact if I have questions about the documents?
If you have any questions or need assistance with your documents, please reach out to your broker or Admin Support Team. They are best equipped to help you through every step of the process.