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How to keep your loan application on track?

For the possible chance of getting the loan that suits your circumstances, you need to tick all the boxes. If an application is not completed correctly, you risk in delays of application approval or even being declined by the proposed lender.

Besides the mandatory documentation that needs to be provided with an application, borrower identification and evidence of income such as payslips, many lenders will expect to see a reference from your current employers such as employer letter, group certificates or tax returns, and records of any investments or shares that you might have.

If you are self-employed, you will also need to provide alternative documents to prove income, such as last two years personal tax return, notice of assessment, last two years company tax return, last two years company full financial included last two years company profit & loss and Balance Sheet and ATO Tax Portal.

Besides evidence of income, the lender will also want to see the last three months bank statements to track your spending, savings history and any existing debts or commitments.

You also need to include documents that outline any HECS debt, personal loans, credit card liability and any expenses relating to dependants. If you don’t disclose this information, you risk your loan application to be likely to be declined.

For a lender to fully assess your capacity to service loan repayments, every financial detail must be fully disclosed to the lender in the application.

Lenders want to see that you can manage the responsibility of the loan, through steady employment, good credit history and If possible, a debt-free approach to your financials.

As a mortgage/finance broker, we are always seeking to help the customer to achieve their financial goal. We rely on customers who are committed to improving their financial position to ensure they present a strong financial position to give the lender comfort they can facilitate sound loan repayments. In turn we are committed to assisting you in achieving your dream of homeownership

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.

Sometimes we have customers who have had hardship in meeting their monthly financial commitment, such as they have a lot of personal debt (personal loan and high credit card balance). We can work with them together to work out a plan for getting them back into a better situation.

Whether you are looking to purchase your first home, investment property or refinance and consolidate your debt. Please speak to Kevin Poh. He has the expertise to match a loan to a borrower and help you to ensure that your documentation is in order.

© Ace Broker. Credit Representative Number 498754 is authorised under Australian Credit Licence Number 389328. Disclaimer: Your full financial situation would need to be reviewed prior to acceptance of any offer or product.

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