Need some help understanding a loan application?
The thought of completing a loan application can seem overwhelming, but it does not have to be stressful. A little preparation can go a long way.
There are a few things you can expect during the loan application process as lenders approve your loan application based on the details provided. Familiarising yourself with the details needed to meet the requirements and some general home loan terms can help ease some of the stress you may experience.
Identity Requirements
You will need to provide photographic proof of identity, such as drivers licence, passport or proof of age card (only if the other two are not available). Other documents may also include Medicare card, birth certificate, rates notice or marriage certificate for change of name.
Income Requirements
Depending on the lender will determine the exact documents required to verify your income. Therefore, if you have the following documents available this will save time when preparing your loan application. Last two payslips and most recent PAYG Payment Summary.
If you are self-employed you will need to provide last two years Financial Statements and Income Tax Returns.
Financial Position
The lenders will also need to know what you own (Assets) and what your owe (Liabilities).
Your Assets will be money in your bank account, details of the car you own, amount in your superannuation account and total value of other items like your home contents.
Your Liabilities are Credit Card limits, interest free purchases, car and personal loans even if you have a HECS/HELP Debt.
Living Expenses
You will also need to declare what you spend each month on your living expenses, whether they seem small or not. These include rent, utility bills, phone, internet, food, car and travel expenses, entertainment expenses (take away food, restaurants, holiday, gym and sports memberships).
If you wish to discuss further loan application requirements relevant to you, please contact Simon Dalgleish at Go Loans (08) 8363 8809 for more details.
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