Applying for a loan is not as simple as filling in an application form and sending it to the bank. We also have to submit supporting documents that provide evidence to the details we have provided. Each lender has different requirements.
There are generally two types of loans in regards to documents – Lo Doc and Full Doc. As the name suggests the full doc loan requires all documentation and the Lo Doc loan does not. Don’t think that you can skip the hassle of gathering documents by going Lo-Doc. If you decide to go Lo-Doc you will pay higher interest rates.
What type of documents must you provide? Here is a list which is only a sample of some of the documents you will be required to supply.
- 100 points of ID
- Existing loan statements
- Savings account statements
- Transaction account statements (your account with your salary, expenses etc)
- Payslips & Group Certificates
- Self Employed – personal tax returns, business tax returns and financials, personal tax assessment notices
- Contract of sale
- Rental statements (most recent month)
- Credit card statements
- Rates Notices
Hints & Tips – Mortgage Supporting Documents:
- If your bank statement is not current (older then 30 days) then you will need to log on to online banking and print as a PDF a recent transaction listing.
- If you have multiple savings accounts then log on to your online banking and print a PDF of the account summary page which shows all of your account balances
- Notice of Assessment (NOA) is a letter sent to you or your accountant which the Tax Office sends out after your tax has been lodged. It confirms your income for the year
- We can take photo’s of your licence at the appointment if you do not have a scanner
- If you earn a bonus you will need to supply a letter from your employer or a employment contract that outlines the bonus
We are always here to chat is you need assistance!