Nobody Likes Paperwork - Documentation Required for a Home Loan
We are yet to meet someone thrilled about paperwork - but there is a very good reason that we need so much information. The Australia finance industry is heavily regulated (as it should be), and with that regulation comes paperwork as Keegan explains in today's video!Posted by The Lending Alliance on Monday, 25 June 2018
Why does my broker ask for so much information?
It’s a fact – no one likes paperwork; so when we send you a laundry list of documentation required for your home loan – don’t be scared and don’t be surprised.
As i’m sure you can understand, getting a home loan is a big deal; and that means there is a lot of regulation around the information you need to provide for a home loan lender to approve you. Whether you come to a broker, or go direct to a bank; you will be required to provide the same information.
In order to get a result faster for you, it’s important that all the required information is provided upfront. It will insure that your scenario can be analysed in the most efficient manor.
The list of information will be entirely dependent upon your personal situation, are you self employed, or PAYG? is this your first property, or do you already own multiple?
When we are requesting the information from you, we will tailor our documentation requirements accordingly.
Given the tailored nature of our documentation requests, there is no way to list every possible scenario, so instead we can give you a high level snapshot of what we need:
*Your Identification – that means Drivers Licence & Passport
*Employment and your remuneration
*Loan Statements for any asset and liabilities that you hold
If you have any further questions on what documentation we need to assess your situation, please feel free to reach out directly to me!
0451 668 673