How To Your Loan Application

Checklist for Your Loan Application

Save time and hassle by being extra prepared for your first meeting with a Mortgage Broker. Use our loan application checklist to ensure that you have answers to all of the following questions and even better, try to have originals of all the following documents handy.
If you are not able to supply any of the following, you should openly discuss that with your broker as there may be alternative options available to you.

Compulsory for All Applicants

ID documents comprising combinations of:

Current passport or Birth Certificate
Driver's Licence/Pension Card
Credit Card/Bank passbook/Rates Notice
Medicare Card/Senior's Card/Public Utility Bill

If you are an employee, you will need to provide the following:

Most recent two pay advices
Tax Returns and Assessment Notices for the previous two years
Payment Summaries for the previous two years
A letter from your employer stating your wage and the tenure of your employment (full time/part-time/casual/on probation)
Or
  

If you are self-employed or a sole trader you will require:

Tax Returns and Assessment Notices for the previous two years
Profit and Loss statements and Balance Sheet for the previous two years
Letter from your accountant certifying the accounts if no current tax return is available

If you are purchasing a property:

Evidence of genuine savings over a minimum of six months, usually amounting to a minimum of 5% the purchase price
Proof of your deposit and funds to complete purchase (bank account statements or similar)
Confirmation of rental income for investment properties
Copy of current or proposed Lease Agreement if property is/will be rented
Section 32 or Contract of Sale

If refinancing existing loan/s:

Last six months’ loan statements (some lenders will require twelve months) showing no arrears
Confirmation of rental income for investment properties
Copy of current Rates Notice for the property/ies showing no arrears
Copy of current or proposed Lease Agreement
Copy of Certificate of Title (if available)

Are you building or developing a property?
Section 32 or Contract of Sale
Fixed price building contract
Plans and Specifications
Drawdown/Cashflow schedule
Copy of current or proposed Lease Agreement
Copy of Certificate of Title

SPECIAL CIRCUMSTANCES

Will there be someone acting as Guarantor for your loan?

Each guarantor will need to provide similar (and full) information as for applicants.

Have you been gifted funds that will be used to complete the purchase?

A signed letter (some lenders will require a Statutory Declaration) from the person/s gifting the funds, stating the funds are a gift and are not repayable.

Do you have an adverse credit history?

Letter stating the details of the debt including amount, date of occurrence, amount paid or unpaid, and reason for the default.

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