A common question that I get asked by Home Loan Clients is:
“What’s the hardest part about getting a home loan?
The clients expect me to talk about getting them the best rate, getting the loan approved or getting the loan quickly but in reality, these things are not difficult if The Mortgage Broker
- Is experienced in solving a variety of home loan scenarios
- They ask the right questions and get detailed answers
- Are aware of time frames &
- Can verify all the information provided by receiving all the necessary paperwork.
So “What’s the hardest part about getting a home loan?” In reality, it is getting all the paperwork from the client/s that is needed for an accurate assessment and that needs to be presented in full by the Mortgage Broker with the Loan Application.
So what documentation do you need to make the loan process incredibly fast? All the documentation will be contained in the following categories and many overlap. And just to be clear, no bank will accept any application without receiving 100% of the documentation. An Alpha Home Loans Mortgage Broker will help you work through this list.
- Assets (What you Own)
- Liabilities (What you Owe)
- Income (What you earn)
- Expenses (what you Spend)
- The Security (The Home, the Investment property)
Employment (What you do, How much you get paid, how long you have been working there, Full time, part-time, casual, self-employed)
So what documentation should you source to be well prepared before the interview with the Alpha Home Loans Mortgage Broker?
- Home Loan Statement – recent dating back 6 months
- Bank Statement –
- Salary – showing salary credits going in spending going out
- Savings – showing the saving history
- Personal Loan Statements – dating back 6 months
- Car loan statement – dating back 6 months
- Credit Card Statements – dating back 6 months
- Store cards Statements – dating back 6 months
- Payslips – the last three
- ATO Payment Summary (also known as a group certificate) showing income for the last Financial year. This is great for calculating how much overtime you receive.
- Employment Letter – If you have changed employer or industry in the last 12 months
- 2 years Full Financials (If Self Employed) There are options if these cannot be provided.
- Council Rates – (for refinance) These must be shown to be paid, if they are not, you will need to pay the balance and then show a statement reflecting up to date payments.
- Real Estate Contract (If Purchasing)
- Full Builders pack (If building – your builder provides this) This is standard for major builders.
Call 1300 541 777 for an obligation free consultation with an Alpha Home Loans Mortgage Broker