Your easy guide to preparing all the paper work for your home or Investment loan
By | 2nd Aug 17

Don’t let all the paperwork and process overwhelm you! That’s our first tip, because we know the paperwork can really be a pain. It’s all essential, so we have compiled a quick guide to ensure a smooth and stress-free process.

Be thorough and read through all the fine print – It’s a lot of paperwork and words, but it’s important you understand your home loan contract. It’s going to take some time to read through all the documents but you want to make sure you’re signing a document that you fully understand.

What’s the process – Your lender will ask you to provide basic information such as your name, marital status, your income, address and things such as living expenses. Secondly, you will then have to provide proof of the information you have supplied such as 100 points of ID which can be your driver’s licence, passport or birth certificate.

Proof of your income – If you work for a company, you will be required to supply recent payslips to confirm your income. If you are self-employed, you will need to provide information such as the profit, tax returns and your profit and loss statements for the last two years.

If you are property investor, you will also need to prove the rental income you are receiving and this can easily be done by providing a copy of the lease and/or rental statements from your Managing Agent. 

Credit history – You’re borrowing a large sum, so your lender or mortgage broker will want to anticipate any possible issues in making repayments. You can look up your credit history quite easily online to see where you stand.

We recommend really talking through the process with your lender or mortgage broker to ensure you are providing all the correct information to secure your funding.

With recent changes to the way investment loans are being processed, it is extremally important that you go through the entire process and obtain a written pre-approval before you put in any offers for property.  Although you may submit an offer with a finance clause, it is preferable to have your finances already sorted before you sign any contract.

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Preparing your finances to purchase can be a drawn-out experience, but it is also an exciting time! Once this process is finalised, you can move forward in buying your dream home or investment property.

We have access to many highly experienced Mortgage Brokers and our team can assist you through the whole buying process to ensure you save time, stress and money.  To discuss our Buyers Agent services which includes either our full search to settlement or negotiation only services, contact our office on 1300 239 901 or email us on  buyer@advantageproperty.com.au.