Mortgage Broker Checklist
Using a mortgage broker takes a lot of the hassle, research and paperwork out of finding a suitable home loan for your circumstances. Brokers have access to some home loans that aren’t available to everyone, and we can sometimes negotiate better deals.
When you meet with us at Mortgage Broker Melbourne, we hope you understand that we need to collect some important information from you so we can apply our Responsible Lending Test, to make sure this new loan is comfortably affordable for you not just now but into the future. Other information helps us understand your home loan requirements better.
If you want to speed the process along and make home loan approval (or pre-approval) as easy as possible, here are some pieces of information we will ask you to supply, once you have chosen us to assist you with your mortgage application.
A home loan requires the same proof of identity as any account with a financial institution, so you need to provide certain documents.
The easiest way to prove identity is with a passport and driver’s licence.
If you don’t have these, we will need to see a combination of documents such as a recent utility bill (electricity, gas, etc), birth or citizenship certificate or ATO tax assessment. Ask us for more details before the meeting.
Lenders are required to only lend you what they think you can afford to repay. To work that out, they need to see recent bank account transactions, including credit card statements. Some lenders also want to see your superannuation details, so bring along a recent statement if possible.
As well as spending, lenders need to know what you earn. For PAYG your last 3 payslips + your Payment Summary (group certificate) are usually required.
If you are self-employed, your last 2 years’ tax returns + ATO notices of assessment are required instead.
Evidence of any other income is also needed, including rental income, Centrelink payments, investment dividend statements, etc. It all helps.
Loans and payments
If you have any other loans (property, car, personal, store cards, etc.) you will need a recent statement containing the loan amount and repayment details.
While it can take a bit of time to pull together some of these documents, it makes the process of obtaining a loan much easier and faster in the long run. Contact us at Mortgage Broker Melbourne if you are unsure about any of this required paperwork, and to make an appointment to discuss your home loan options.
Marc has been a professional lender for 28 years. After beginning his career in 1990 with a UK Building Society, he moved to Australia where he held several different retail banking roles. In 1999 it became clear to him that a mortgage broker would eventually become an obvious choice for someone looking for a home loan so he took the plunge and became an independent broker. He hasn’t looked back since!