Preparing For A Loan Videos
What Information Do We Need From You For Your Loan
- PAYG employee – 2 most recent pay slips and previous years PAYG summary
- Self Employed – Last 2 years tax returns – personal and business including NOA’s and profit & loss and balance sheet, 3 months business account statement
- Other Income – Rental statements, rental appraisal (if property being purchased is to be used as an investment), current government pension statements showing regular income
- 6 months statements for all existing debts
- Rates notice for existing properties
- Contract of sale (if purchasing)
- Construction – Tender/building contracts including progress payment schedule, plans and specifications
- Front page of your internet banking
- 3 months statement for your pay account
- 6 months bank statement for genuine savings
- 100 points of identification
Choosing The Right Loan For You
- Variable Rate – means your repayments go up and down as interest rates change
- Fixed Rate – gives you the certainty of knowing what your repayments will be with an interest rate that stays the same for a set period
- Interest Only – is a loan where you pay only the interest for some or all of the term, with the principle balance remaining unchanged during the interest only period.
- Principle & Interest Loan – repayments on principle and interest loans are higher because you’re simultaneously paying interest and paying off the original loan balance.
Loan Types Explained
- Basic home loan – excellent option if you’re looking for a simple loan
- Standard variable rate loans – have more features than a basic home loan including the benefit of an offset account and/or redraw facilities
- Introductory rate home loan – suitable if you’re looking to minimise your initial home loan repayments. Offers a reduced interest rate and lower repayments for a set time.
- Fixed rate home loan – allows you to lock into an interest rate for a period which can be anywhere from 1 to 7 years
- Split loan – offers you the option of having part of your loan fixed and part variable
Timeframes Vary Lender to Lender
Depending on what lender you go though, what time of the year it is, and if that lender has any campaigns going, timing can vary quite a bit. So depending on the variants a loan can take a couple of days to maybe a couple of weeks to get your conditional approval.