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Apply For A Loan: How to get started?

We realise that you can’t spend hours upon hours of your day sorting through mortgage and loan options. So the easiest way for us to work for you efficiently and get the best options available to you quickly, there are a few things we will need to get started. At Green Light Home Loans we will always try and make sure that we have as much of the data upfront before submitting your loan application for assessment. This helps preventing a disjointed process of your application and avoid any delays associated with the application process. In our exerience, almost all lenders haveset guidelines for information they require before they can even consider processing your application. The reason that lenders need this information is so they can make sure that you are who you say you are, and that you will be able to meet the loan requirements. In the case of organising finances and loans, the more information you can provide upfront the easier it will be for you in the long run.


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Loan Checklist E-Brochure

We’ve made it easy for you…Download our Loan Application Checklist e-brochure

So what do I need to provide?

Most lenders require similar documents to assess and approve a loan. To avoid delays it would be helpful for you to bring the listed documents below to your meeting with your Green Light Home Loans consultant. It is not critical that you provide this data in your first meeting with your consultant but it will certainly be helpful. Please note that this is only a general checklist and some of the documents listed may not apply to you.  Your consultant will advise you which documents are needed. Once they have an understanding of your circumstances and requirements. PERSONAL IDENTIFICATION Personal ID is a firm requirement that every loan applicant provides copies of original identification. This type of identification can include:

  • Picture identification such as drivers licenses or passports.
  • A Birth Certificate – a requirement if you are seeking first home owner grants and the like.
  • Marriage Certificate – if you have recently married and still have ID in your maiden names etc. It must be a copy from the registry and not just a celebrant certificate.
  • Other documents such as Medicare card, Credit card, ATM/Debit card, Council Rates Notice, Pensioner Concession card, Health Care card, Tertiary Student ID card.
  • Permanent resident certificates may also be needed if you have recently arrived in Australia.

INCOME DETAILS

  • Most lenders ask for three recent pay slips from your employer (Ideally these will show the company name, number of pay slip and year-to-date income figure).
  • The most recent Group Certificate from your employer and tax assessment notice may also be needed.
  • In some cases proof of employment may be required.
  • If you are self-employed The last two year’s personal and business tax returns and ATO assessments are a requirement unless we are working with Lo or No Doc loans.

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.

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.
  • Your 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.
  • Note some lenders do not ask for loan or credit card statements if they are not being refinanced but it is always good to provide these if you can.

Additional documents if you already own your 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 funds.
  • 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 property(ies):

  • Evidence of income such as rental statements.
  • 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 seeing a construction loan A copy of a valid builder’s fixed price tender, including all specifications. A copy of Council approved plans. Caution:- this is not an exhaustive list and it should be noted that some lenders may not need all of the above and others may need extra data. The more you can provide however the easier and quicker it will be to obtain a loan. Important:- If you do have credit defaults or credit history problems please advise the consultant upfront so they can be mitigated and addressed with the lender upfront. Although defaults make obtaining a loan more difficult upfront disclosure will help when seeking a loan .

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