Things to Confirm or Check before Taking Services from Home Loan Brokers

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February 21, 2017
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Things to Confirm or Check before Taking Services from Home Loan Brokers

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Before decide to speak with an expert there are few things which you need to consider, you need to make sure about your decision of get a home loan. You need to understand that we are here to help you find the best way to achieve your dream. However only you can make it happen. Our brokers will provide the best options on the market, but it is in your hands cooperating providing the documentation and necessary information for the home loan process happens according to your expectations.

What Is Your Purpose To Buy This Property?

You need to make sure you if you are ready to buy a property to live in, like many established families who need their own space or like many young Aussies that are now buying investment properties as their first property purchase and continuing to rent.

Am I Ready To Buy A Property?

When you start shopping around for a home loan, it’s important to think about how much you can repay without it affecting your lifestyle. It’s important to not only consider rates and fees, but also features such as the structure and flexibility of the loan. In preparing to purchase any property, saving up a deposit is the best preparation you can do. Next, we find out how much you can borrow and take time to choose the home loan that is right for you.

How Much Do I Know About A Home Loan Process?

Make searches about every step in a home loan process to give you direction of what you are looking for. Right down the main questions that you possibly might have, and we can take from there.

What Documentation I Need To Apply For A Home Loan?

Personal identification
  • 100 points of ID are required. A current Passport or Birth Certificate = 70 points. Drivers Licence = 40 points. (Please note if these documents are in your maiden name, you will also need to provide a copy of your Marriage Certificate.)
  • Other documents that help build up 100 points include: a Medicare card, Credit card, ATM/Debit card, Council Rates Notice, Pensioner Concession card, Health Care card, Tertiary Student ID card.
Income details
  • The two most recent payslips from your employer. (Ideally these will show the company name, number of payslip and year-to-date income figure).
  • The most recent Group Certificate from your employer.
If self-employed
  • The last two year’s personal and business tax returns and ATO assessments.
  • Other income details
You may also need
  • Rental income statements or bank accounts showing rental income for any investment properties
  • Proof of share dividends or interest earned
  • Centrelink letter confirming family tax benefits
  • Centrelink letter confirming permanent government pensions
  • Private pension group certificate or statement
  • Proof of any other regular, ongoing income.

Additional Documents For Refinancing

  • Documentation on your existing loan including the date the loan commenced, loan period and any financial penalty payable if you exit the loan early
  • Statements for the last six months for any existing home loans and personal loans
  • The most recent Council Rates Notice and building insurance policy on the property or properties being offered as security.
  • Credit cards
    • If you have credit card debt, statements for the last six months.
    • If you don’t owe anything on your credit card, the most recent statement.

Additional Documents If You Already Own A Home

  • Statements for the last six months for any existing home loans or personal loans
  • Your most recent credit card statement
  • Copy of the Contract of Sale for the property you’re buying
  • Statements for the last six months to show your savings/investment history. (This could include share certificates, savings account statements, term deposit statements, etc.)
  • If other funds are being used for the purchase, evidence showing where the funds are held.
  • If other funds are being given to you, which are not already in your bank account, you will need a Statutory Declaration from the person giving you the money.

Additional Documents For First Home Buyers

  • Statement for your First Home Saver Account, if you have one.
  • Statements for the last six months to show your savings/investment history. This could include share certificates, term deposit statements, etc.
  • If other funds are being used for the purchase, evidence showing where the funds are held.
  • If other funds are being given to you, which are not already in your bank account, you will need a Statutory Declaration from the person giving you the money.
  • Your most recent credit card statement.
  • Copy of the Contract of Sale for the property being purchased.

Additional Documents For Investors

If you already have investment properties:

  • Evidence of income such as rental statements.
  • A copy of the tenancy lease.
  • A Council Rates Notice.
  • Copy of the Contract of Sale for the property being purchased.
  • A letter from a property manager indicating likely rent for the new property.

Additional Documents For Borrowers Seeking A Construction Loan

  • A copy of a valid builder’s fixed price tender, including all specifications.
  • A copy of Council approved plans.

Steps Before The First Contact With A Broker

  1. Make the decision - Do I need a broker to guide me in this process?
  2. Financially ready - Do I have enough savings and income?
  3. Ideal time frame - I found the perfect home! I’m looking to purchase within 3-6 months’ time.
  4. Researches - I have an idea about home loan options!
  5. Documentation - I have the documents necessary to start the process.
  6. Give us a call at 1300 874 871 and one of our expert home loan brokers will help you to choose a home loan that suits your own financial situation and outlook!

Visit The Finance Site for home loan rate comparison and latest home loan interest rates from Australia. Get best deal with us.

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