To meet responsible lending obligations, Connective Credit Representatives must obtain and verify mandatory supporting documents for all consumer asset finance and personal loan applications.
Use this guide to ensure you collect sufficient documentation to meet:
Responsible lending requirements
Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) obligations
Lender policy requirements
These documents are mandatory. Additional documents may be required depending on the client’s individual circumstances or lender policy.
Identification requirements
Under the AML/CTF Act, you must complete customer identification procedures for all applicants. The AML/CTF Rules set out the minimum information that must be collected and verified.
Ensure you obtain sufficient identification to satisfy both AML/CTF obligations and lender requirements.
Acceptable identity documents
You must collect either:
One document from Part A, or
One document from Part B and one document from Part C
Part A – Primary photographic identification
Current Driver Licence
Current Australian Passport (or expired within the last two years)
Current Proof of Age Card issued by an Australian State or Territory
Current foreign passport or national identity card issued by a government or recognised authority (must contain signature)
Part B – Primary non-photographic identification
Australian birth certificate or extract
Australian citizenship certificate
Foreign birth certificate issued by a recognised authority
Current Centrelink Pension Card
Part C – Secondary identification
Current Medicare Card
Current Australian-issued debit or credit card
Financial institution record issued within the last three months (e.g. bank statement, term deposit certificate)
Current tertiary education ID card with photo
Current government-issued ID card with photo
ATO notice issued within the last 12 months (e.g. Notice of Assessment)
Local government or utility notice issued within the last three months (e.g. rates notice, electricity, gas, phone)
Important:
Names on all identification documents must match.
Where discrepancies exist, obtain supporting documents (e.g. marriage certificate or change of name certificate).
Identification must be current and in date unless otherwise permitted.
Always refer to lender policy for specific requirements.
Income verification requirements
You must verify income in line with responsible lending obligations and lender policy.
PAYG applicants | Full-time, part-time or casual:
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Self-employed applicants |
PLUS one of the following:
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Other income types
Depending on the client’s circumstances, obtain:
Superannuation: Latest super statement and balance confirmation
Government payments: Centrelink confirmation (e.g. pension, family tax benefit, disability payments, Department of Veterans’ Affairs)
Maintenance: Child Support Agency agreement and three months’ bank statements
Self-funded retirees: Latest one-year tax return and Notice of Assessment
Rental income:
Three months transaction statements showing rental credits, or
Tenancy agreement, or
Real estate agent tax invoice, or
Prospective rental from a full valuation, or
Individual tax return
Foreign income:
Two recent payslips
Employer letter in the original language
Certified NAATI translation
If a client does not meet any of the income categories above, contact the Compliance team for guidance.
Living expenses verification
As best practice, obtain the latest three months of transaction account statements for all applicants to verify living expenses, regardless of employment type.
Loan purpose documentation
Supporting documents vary depending on the purpose of the loan.
Asset Purchase |
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Personal Loan or Debt Consolidation |
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* A signed privacy consent form must be held on file.
Final reminder
These are the mandatory minimum documents required for consumer asset finance and personal loan applications.
You must also obtain:
Any additional documentation required to verify the client’s full financial position
Any additional documents required under specific lender policy
Failure to collect sufficient documentation may result in delays, compliance breaches, or declined applications.
Need help?
If you need help meeting documentation requirements for consumer asset finance or personal loan applications, contact your Partnership Manager or email [email protected].