To be eligible to apply for a new NRMA Home Loan, you’ll need:
- To be buying or have bought an established home (not land, or off the plan)
- To be an Australian citizen or permanent resident
- For the home to be in a capital city or major regional area
- Have a Loan-to-Value Ratio (LVR) of up to 80% for a Basic Home Loan or up to 90% for an Offset Home Loan, plus be able to cover stamp duty and all other government charges. If you borrow more than 80% of a property's value, you may be required to take out Lenders Mortgage Insurance
- To be able to verify your employment status.
Full time or part time employees
To be eligible for an NRMA Home Loan, you’ll need to have been in a full-time or part-time role for a minimum of 6 months, or have 12 months continuous service in the same industry/role.
To verify your full-time employment and income, you'll be asked during the online application to link your bank account(s) to the digital verification technology we use.
If you’d prefer, you can manually upload:
- A bank statement from the last 3 months showing regular salary payments from your employer (most recent statement must not be older than 45 days)
- A payslip from the last 60 days showing year to date (YTD) salary. If your payslip doesn’t show a YTD salary, please provide 2 recent payslips from the last 60 days.
Casual employees
To be eligible for an NRMA Home Loan, you’ll need to have been in a casual role for a minimum of 12 months in your current position, or 6 months in your current position if you have 2 years continuous service in the same industry.
To verify your employment and income, you'll be asked during the online application to link your bank account(s) to the digital verification technology we use.
If you’d prefer, you can manually upload:
- A bank statement from the last 3 months showing regular salary payments from your employer (most recent statement must not be older than 45 days)
- A payslip from the last 60 days showing year to date (YTD) salary. If your payslip doesn’t show a YTD salary, please provide 2 recent payslips from the last 60 days.
To verify your existing financial commitments such as credit cards and personal/student loans (if any), you’ll need to provide your most recent credit card or loan statement showing at least a month’s history.
Self-employed
To be eligible for an NRMA Home Loan if self-employed, you’ll need:
- A minimum of 1 year of trading history
- Your registered Australian Business Number (ABN)
- To be registered for Goods and Services Tax (GST) if your turnover is more than $75,000 per year
- Your most recent business tax return
- Your most recent personal tax return together with the notice of assessment.
We may ask you to provide supporting material to verify any existing personal loans. If any additional documents are needed, a credit assessor from our funder (Bendigo and Adelaide Bank) will let you know.
