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How to keep your loan application on track?

For the best possible chance of getting the loan that suits your circumstances, you need to tick all the boxed. If you are not fully disclosing all your financial information to the lender, you risk delays in approval, or even being declined by the potential lenders.

Other than the standard requirement documentation that needs to accompany an application, satisfactory identification and evidence of income by way of pay slips, many lenders will expect to see a reference from your employer, group certificates or tax returns, and records of any investments or shares that you might have.

If you are self-employed, you will need to organise alternative documentation to prove income, such as financial statements relating to the profit and loss of your business going back two years.

Lenders will also want to see bank statements for the last three months to track your spending and savings history. Most importantly, you will need to provide the details of your debts.

We always see the same type of document sent back from lenders often due to the customer hasn’t disclosure property of their financial situation.

You must include documents that outline HECS debt, personal loans, credit card liability and any expenses relating to dependants. If you don’t disclose information adequately, your loan application will very likely be a delay or declined.

For a lender to assess your capacity to service loan repayments, every financial detail must show to the lender.

Lenders want to see proof that you are capable of servicing the loan, through steady employment, good credit history and a debt-free approach to your financials.

We always wanted to help our customers to achieve their goals. However, if they have bad habits, we can’t help them before we know that they can commit to change their bad habits.

By having all of your documents organised and a saving and repayment plan documented, as well as evidence that you can commit to the plan, you will increase your chances of receiving the loan you are after, even if your credit history is not perfect.

We also help customers who have had financial hardship issues, and if we can see they are trying to help themselves and going forward, we will helping them and put them into a better situation or a better product.

In many cases, home loan applications require professional guidance and help. Please come to speak to Kevin Poh on 0415820016. He has the expertise to match a loan to you and ensure that your documentation is in order.

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