Refinancing Documents: What You Need and When

You need payslips, tax documents, and proof of your current loan. The exact list depends on whether you're employed full-time, part-time, or picking up overtime, but those three categories cover most of what lenders ask for when you want to refinance.

Most South Australian Police officers work rotating rosters, which means gathering documents between shifts can feel like another job. The process is more straightforward when you know what's coming and why each piece matters.

Income Proof When You Work Shifts

You'll need to show two recent payslips and your two most recent tax returns with notices of assessment. Lenders want to see base salary plus any consistent allowances or penalty rates. If you've been picking up overtime regularly, that income can count, but you'll need payslips that show it's been happening for at least three to six months.

Consider an officer who works afternoon and night shifts across a four-week roster. Their payslips show shift allowances that add around $15,000 a year to their base salary. Most lenders will include that as ongoing income if the payslips and tax returns both reflect it. If the allowances only started appearing recently, some lenders will exclude them or apply a discount.

Your Current Home Loan Statement

You need a statement from your current lender showing the loan balance, interest rate, and any redraw or offset balance. This is usually the most recent statement you've received, but if that's more than 30 days old, request an updated one. Lenders use this to confirm what you're refinancing and whether you're ahead or behind on repayments.

If you've been making extra repayments or have money sitting in an offset account, that shows up here and helps with the application. If you've missed payments or gone into arrears, that shows up too, and you'll need to explain it.

Proof of Property Value

Lenders will order a valuation themselves, but you'll need to provide the property address and any recent council rates or water bills in your name. If you've done renovations since you bought the property, mention them in the application. A bathroom or kitchen update won't always push the valuation higher, but it's worth flagging.

In some cases, the lender will use an automated valuation without sending someone out. If the automated figure comes back lower than expected and you believe the property is worth more, you can request a physical inspection. That costs around $300 to $500, and you'll usually pay it upfront.

Identification and Employment Confirmation

You need a current driver's licence or passport, plus a letter from SA Police confirming your employment status and start date. Most lenders accept a standard employment verification letter. If you're on probation or recently returned from extended leave, mention that upfront so the broker can work with lenders who understand rostered work patterns.

What Changes If You're Consolidating Debt

If you're rolling credit cards or car loans into your mortgage, you'll need statements for each debt showing the current balance and minimum monthly repayment. Lenders want to see that you're consolidating to improve cashflow, not because you've maxed out your limits. If your credit cards are sitting near their limits, that can raise questions during the assessment.

A scenario we regularly see involves an officer with two credit cards totalling $25,000 and a car loan with $18,000 remaining. The monthly repayments add up to around $1,400. By rolling those into the mortgage, the repayment drops to roughly $250 a month, which frees up income for other priorities. The lender will want proof that those debts are being closed once the refinance settles, so they'll ask for statements and a signed declaration.

Liabilities You Might Forget to Mention

Buy now, pay later accounts, Afterpay, and similar services count as liabilities even if the balance is zero. Lenders check your credit file and will see them listed. If you've got accounts you no longer use, close them before applying. Even a $1,000 limit can reduce your borrowing capacity by several thousand dollars because lenders assume you might max it out.

If you're a guarantor on someone else's loan, that liability will appear on your credit file and affect your application. You'll need to provide details of the loan and confirm whether you're still guarantor or whether you've been released.

How Long the Process Takes Once You Submit

Most applications take between two and four weeks from submission to approval, assuming the documents are complete. If the lender comes back asking for additional payslips or an explanation for a credit enquiry, that adds time. Submitting everything upfront, even if some documents feel repetitive, keeps the process moving.

If your fixed rate period is ending and you're refinancing before the revert rate kicks in, timing matters. You'll want to lodge at least six weeks before your fixed term expires so there's time to assess, value, and settle without rushing.

When to Get Your Documents Together

Start gathering documents as soon as you're thinking about refinancing. Most are valid for 60 to 90 days, so you don't need to wait until the day you apply. Payslips, tax returns, and loan statements don't expire quickly. Identity documents and employment letters stay current unless your circumstances change.

If you're considering a loan health check to see whether refinancing makes sense, having your documents ready means you can move quickly if the numbers stack up. Waiting until you're certain before gathering paperwork just stretches the timeline.

Call one of our team or book an appointment at a time that works for you. We'll walk through what you need based on your circumstances and handle the lodgement so you're not chasing paperwork between shifts.

Frequently Asked Questions