Home Loan Application Checklist
When you have armed yourself with as much information as possible about home loans – through research, mortgage calculator trials and a chat with your mortgage broker – it is time to head down to the lender of your choice to submit your application.
Securing a mortgage is serious business - the financial implications of such an endeavour can last for several years, so lenders strive to be thorough in the review of any and all applications.
In the days leading up to your appointment, it is advisable to gather all of the necessary paperwork and put it in order prior to your meeting.
You will be required to prove your identity with a passport, visa, citizenship certificate and/or your driver’s licence. If you are married, lenders will ask to see your marriage certificate.
You should also have with you your medicare card for inspection.
To prove your employment, you will likely be required to show a contract or letter from your employer, your two most recent payslips and a recent payment summary.
If you are a business owner, you will need to show the last two years full tax returns. Should you have rental income, you will be required to show details of this agreement as well as the details of proposed rental income.
Lenders will ask to see a statement of your savings account, a copy of your superannuation statements, share certificates and other similar documents.
If you are selling a home, the loan officer will request to see a copy of the settlement letter from your solicitor as well as the copy of contract of sale for the property you would like to purchase. Recent statements for leasing agreements, credit, personal loans and the like will need to be shown.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.