If you’re buying a property after 1 July 2026, you may be surprised when your real estate agent asks for documents you’ve never had to provide before.
Questions like:
- “Why do you need my bank statements?”
- “Haven’t I already been approved by the bank?”
- “Why does everyone need to know where my money came from?”
are becoming increasingly common.
The short answer is simple.
It isn’t because your real estate agent is being difficult.
It’s because the law has changed.
What Has Changed?
From 1 July 2026, Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws were expanded to include real estate professionals. This means many real estate agents now have legal obligations to verify their customers and carry out customer due diligence before providing certain real estate services.
The purpose of these laws is to help prevent criminals from using property transactions to launder money or finance illegal activities.
While that may sound like something that only affects organised crime, the reality is that these requirements now form part of many ordinary property transactions.
Why Are You Asking About My Bank Statements?
This is probably the question I hear most often.
Many buyers say:
“The bank has already approved my loan. Why do you need to see my financial information?”
The answer is that your lender and your real estate agent are performing two completely different roles.
Your bank is assessing whether you can afford the loan.
The anti-money laundering requirements are about understanding the source of the funds being used in the transaction and meeting legal compliance obligations.
They’re separate processes with different purposes.
Isn’t This a Bit Intrusive?
I’ll be honest.
For many buyers, it probably does feel that way.
Most people’s bank statements look fairly ordinary.
They’re filled with salary deposits, grocery shopping, fuel, coffee, mortgage repayments and everyday expenses.
It’s understandable to wonder why anyone else needs to see them.
One thing I’d ask buyers to remember is this:
Your real estate agent didn’t create these rules.
We’re simply required to comply with them.
Our role is to guide you through the process as smoothly as possible, not make it more complicated than it needs to be.
What Documents Might I Be Asked to Provide?
Every transaction is different, but depending on your circumstances you may be asked to provide documents such as:
- Proof of identity
- Bank statements
- Evidence of where your deposit came from
- Information relating to the sale of another property
- Documentation supporting gifted funds
- Trust or company documents if purchasing through a legal entity
Exactly what is required will depend on your circumstances and the due diligence obligations that apply to the transaction.
Will This Delay My Purchase?
Usually not.
The easiest way to avoid delays is to have your documents ready when they’re requested.
Waiting until contracts are being exchanged to gather paperwork can slow the process unnecessarily.
Like most parts of buying property, being organised makes everything easier.
What Happens If I Don’t Want to Provide the Information?
Because these requirements form part of Australia’s AML/CTF legislation, there may be situations where a real estate professional cannot continue providing certain services if the required customer due diligence cannot be completed.
If you’re unsure why a particular document has been requested, ask.
Your agent should be able to explain what information is required and why.
Why Experience Still Matters
One thing these new laws won’t change is the importance of working with an experienced agent.
Our role is still to make the buying and selling process as straightforward as possible.
That means explaining new requirements in plain English, helping you understand what’s needed, and guiding you through the process without unnecessary stress.
These additional checks are simply becoming another part of buying property in Australia.
Like proving your identity when opening a bank account, they’ll soon become something buyers expect.
Final Thoughts
For genuine buyers, the new anti-money laundering requirements are likely to be more of an inconvenience than an obstacle.
The important thing to remember is that these checks aren’t about questioning your integrity.
They’re about complying with Australian law and helping protect the property market from financial crime.
If you’re unsure why you’ve been asked to provide certain documents, don’t be afraid to ask questions.
A good real estate agent will explain the process, help you understand what’s required, and make the experience as straightforward as possible.
About Nathan Giannasca
Nathan Giannasca has been helping Canberra buyers and sellers navigate the property market for more than 30 years. His focus is on honest advice, realistic expectations and helping clients make informed decisions at every stage of their property journey.
If you have questions about buying or selling property in Canberra, get in touch with Nathan for an obligation-free conversation.
