Verifying Identity Documents on Mortgage Applications
Identity verification is a mandatory step on every mortgage application. Getting the documents right at fact find prevents delays and meets lender verification of identity obligations.
Understanding VOI requirements
Verification of identity for property transactions follows the VOI Standard set out in the ARNECC Model Participation Rules under the Electronic Conveyancing National Law. Lenders typically require sighting a primary photographic identity document, most often an Australian driver licence or passport, alongside one or more secondary documents. The exact document categories accepted differ between lenders, so check the specific lender VOI policy at the start of every file.
Checking the licence details
Confirm that the name, date of birth, and address on the licence match what has been declared on the application. An address mismatch needs to be reconciled before lodging. An expired licence is not acceptable. Acceptance of digital driver licences varies by lender and by state, so confirm the position with the target lender before relying on a digital ID for VOI.
Handling non licence identification
Borrowers without a driver licence can usually be identified using a passport plus a Medicare card, or a combination of other documents. New arrivals to Australia may need additional evidence to satisfy the lender. Having the alternative ID plan ready at fact find avoids last minute scrambles.
Key takeaways
- ✓Collect primary photographic ID on every borrower
- ✓Check every field against the application data
- ✓Confirm the ID has not expired
- ✓Know the VOI rules at each lender you use
How QualifyMate helps
QualifyMate classifies identity documents as part of the document pack, helping brokers see at a glance which applicants have provided ID and which still need to complete VOI before submission.
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