Australian lenders assess four things: who you are, what you earn, what you owe, and what you're buying. Having the right documents ready before you apply cuts approval time from days to hours and avoids the back-and-forth that can delay finance — especially when you're trying to secure a vehicle.
Identity
- Primary ID — current Australian driver's licence or passport. Most lenders require at least one government-issued photo ID.
- Secondary ID — Medicare card, credit card, or utility bill confirming your name and address. Required if your primary ID doesn't show your current address.
- Proof of address — council rates notice, utility bill, or bank statement showing your current residential address dated within the last 90 days.
Income — PAYG employees
- Recent payslips — typically the last two consecutive payslips. If you're paid fortnightly or weekly, lenders want to see consistency.
- Employment letter — confirms your role, start date, employment type (permanent/casual/contract) and gross salary. Required if you've started recently or are on probation.
- Most recent group certificate or PAYG summary — useful if you have variable income including overtime or commissions.
- Bank statements (90 days) — shows salary credits, and that the income on your payslips actually hits your account.
Income — self-employed
- Last two years' personal tax returns and ATO Notices of Assessment — lenders average the two years and use the lower figure if income is declining.
- Business financials — profit and loss statements and balance sheet for the same two financial years.
- Business bank statements (6 months) — demonstrates cash flow stability, particularly for newer businesses.
- ABN registration — active ABN registered for at least two years is the standard threshold for most standard lenders. Some non-bank lenders accept one year.
Financial position
- Bank statements (3 months, all accounts) — transaction, savings, and offset accounts. Lenders check for gambling transactions, dishonours, and pattern of savings. Be consistent: if you say you have savings, they need to show up.
- Existing loan statements — personal loans, car loans, home loans. You'll need the current balance, regular payment amount, and remaining term.
- Credit card statements — lenders assess the limit, not just the balance. A $15,000 card with a $500 balance still counts as $15,000 of potential liability.
- HECS/HELP balance — included in your tax return but worth noting separately. It reduces your net income and affects serviceability calculations.
Vehicle details
- Dealer quote or purchase agreement — confirming the drive-away price, make, model, year, colour, VIN/engine number and any accessories included.
- Private sale: seller's details — name, address, phone, and the vehicle's registration certificate so the lender can verify ownership and confirm no encumbrances via PPSR.
- Odometer reading and service history — some lenders cap LVR on high-kilometre vehicles or vehicles over a certain age.
Additional items for novated leases
- Employer novated lease approval — confirmation from your employer's salary packaging team that a novated lease is available and the vehicle qualifies.
- Gross salary and packaging cap — your before-tax salary and the maximum packaging amount your employer permits.
- Gross-up type — Type 1 (employer is GST-registered) or Type 2. Affects the FBT calculation; your employer's HR team can confirm this.
- ECM (Employee Contribution Method) election — if you're using after-tax contributions to reduce your FBT liability, confirm the amount with your employer.
- Running cost budget — estimated annual fuel/charging, servicing, tyres, registration and insurance for inclusion in the lease package.
Tips for a smooth application
- Check your credit report before applying — Equifax, illion and Experian all offer free annual reports. Dispute any errors before lenders see them.
- Avoid multiple applications in a short period — each hard enquiry is recorded and can lower your score temporarily.
- Close unused credit cards or reduce limits before applying; it improves your debt-to-income ratio.
- Use Motorate's calculator to confirm the repayment fits comfortably within your budget before you apply — lenders will stress-test your capacity at higher rates.