A bit more detail:

Home loans are also known as a mortgage loan/ residential security loan. This mean the lender (in this case the bank) take a mortgage over the property (the home being purchased). In a worst case scenario this means the lender can sell the property in order to pay back the loan if you fail to do so. There are processes to avoid this and the lender will take steps to help you if you are failing to meet your repayments for extenuating circumstances. In the mortgage loan space there are tiers of lenders. Each tier becomes more flexible in terms of policy however the rate increases. An example of a first tier lenders would be the big four banks; their rates are great however they are relatively inflexible in their policy looking for only the cleanest of clients. Second tier is much more flexible and will take a more wholistic approach to your individual situation, however their rates start to climb as high as the 7% mark for people with complicated situations. Second tier is a great option for people who may have problems on their credit file or have a complex income structure. In these circumstances we usually get the loan in place for the client to achieve their goals and refinance to a tier one lender later down the track once the application as a whole is stronger.

The key information required for mortgage loans are;

Proof of income, Evidence of ownership/ purchase contract, Identification documents and a collection of asset and liability position. We will also need information about the applicants such as were they have lived, what they own/owe and what jobs they have had over the past 5 years.