How soon can a Home Loan be pre-approved?
If all pre-requisite summary information is received, an indicative offer can be issued within twenty-four hours of processing of the home loan application.
What documents are required in making a Home Loan Application?
After submission of a hard copy Loan Application Form or after making an On-Line Loan enquiry, the general documentation required would include:
- Recent records of Salary & Wages, such as employer pay slips, PAYG Payment Summary, Taxation Returns, etc
- Records that determine other forms of income, such as property rental, dividends, monetary interest received, etc
- Current Bank Account Details.
- 100 Points Identification – generally this would take the form of a valid Passport and photographic drivers licence.
- Statement or other information, evidencing the available balance of funds required to complete the purchase and transaction costs.
- If re-financing – Loan Statements for previous 12 months that support that the existing loan commitments have been made in full, on time and up to date.
- Statement of Assets and Liabilities.
- At a later stage in the process, there will be the need to provide:
- Council and Water Rates Notices displaying the details of the properties that are the subject of the Home Loan Application.
- The Schedule Page of the Contract for Sale of the property.
What if I am self –employed?
Being self-employed does not change the essential elements to the loan process. Evidence of level of commitments made for past loans, balance of available funds criteria, 100 Points Identification, etc will still be required together with:
- Personal and/or Business Entity Taxation Returns for the past two years.
- Profit and Loss Statements and Balance Sheets of the Business Entity for the past two years.
Do I have to be in employment to obtain a Home Loan?
Being in regular permanent (full-time or part-time) employment is not the overall factor towards assessing the loan applicant’s capacity to repay. You may have some past credit issues or have recently been removed from the restrictions of a Bankrupt. Whatever the scenario, we can a put together a loan package commensurate to your lifestyle and status.
Where are the Funds (that form the basis of the Loan Advance) sourced from?
The funds available are secured from a range of reputable national financial institutions, some of whom have international affiliations. Funds are obtained at a wholesale rate, securitised and in most cases carry a AAA rating.
