Get your home loan approved faster
Recently banks and lenders have seen a huge increase in home loan applications which is causing some frustration for buyers. So whilst the demand for home loans is high, here are some of my tips on how you can place yourself in the best position to be approved faster.
The greatest opportunity to speed up your approval is to organise your application so that you get it right the first time around. I can help make your loan application as simple as possible for the lender by ensuring the forms are filled out correctly and that you have the appropriate supporting documentation included which can assist speed along the approval.
Supporting documents are required for home loan approval to substantiate your income and expenses and your assets and liabilities. To help put your application together faster, here is an approval check list of the documents you may be required to provide.Proof of identity
In most cases, you will need to provide two forms of identification which could include:
- Passport/Visa/Citizenship Certificate
- Drivers Licence
- Birth or marriage certificate
- Medicare card
In some cases your proof of identity copies may need to be certified so check with me if this will be necessary.Income
The documents required to prove your income will depend on your employment status and type. Check with me as to which of the below documents you will need to provide for your application.
- Three of your most recent payslips (computer generated with both your name and your employer's name on the documents)
- A letter from your employers stating your position, commencement date, gross base wage, gross income year-to-date, regular overtime and allowances and advising if still on probation (signed and dated on company letterhead)
- Copy of your employment contract
- Most recent IRD Tax certificate(s)
- If you are self employed you will need the last two years of full tax returns, assessment notices and financial statements - personal/trust/company
- Proof of existing rental income - tenancy agreement, agency statement
- Proof of proposed rental income - rental estimate from agents
To demonstrate your savings you will need to provide three months of savings statements. Some alternative and additional documents can include:
- Copy of superannuation statements, share certificates etc
- Copy of sales contract of existing home or settlement letter from your solicitor if the deposit is to come from the sale of an existing home
- Copy of deposit receipt paid to your real estate agent
- Statutory declaration (if any part of the deposit is a gift), stating the amount of the gift and that is is non-repayable
- Rates notice on any existing owned properties
You will also need to provide documentation for the below liabilities:
- Most recent statements on all credit cards, personal loans and leases
- Copy of statements for three months on any existing home loans
Everyone's personal situation is unique so contact me to confirm which documents you will be required to provide for your home loan application. Knowing which documents you need to provide before it comes time to applying for your home loan will make the process as smooth and quick as possible.