Youve survived your first steps, first day at school and first job. So now its time to apply for your first home loan. As a first home buyer, it is important to be prepared before you enter the home loan hunting game.

Every lender has a different set of lending criteria, so be sure to familiarise yourself with what is required before you apply. national bankprovide a list of information you need to supply in order to apply for a home loan.

Whats your worth?
In order to assess how much you are able to borrow, NAB need to determine how much you earn every month. To prove this, you may need to supply pay slips, tax assessments, a statement from your employer to declare your income or any other documentation to show any form of income.

You will need to supply NAB with information and even account details of your savings and any investments you may have. Assets including shares, cars, term deposits or other items of value also need to be declared to NAB, as these contribute to your net worth and could increase the amount you are eligible to borrow.

What are your outgoings?
Just as NAB need to know your income and assets, they need to assess your credit risk. This means you need to provide NAB with full details, including the balances and credit limits, of any credit cards or store cards you may have. You also must supply the details of personal loans, car loans or other debts you may already have.

Details of your living expenses also help NAB to assess your application, as these expenses help them to determine your serviceability, which means how likely you are to be able to afford home loan repayments.

Other Details
In order to assess your nab home loan application, NAB require your current landlord/landladys name and contact details. They also require your drivers licence number, details of all of your insurance and superannuation policies and the contact details of your solicitor or conveyancer.

Applying for your first home loan is a big step, but it is not one that you need to take alone. Find a reputable financial broker who can help you through the application process and help you to shop around with a number of lenders to find the right home loan for your situation.