It will save you a lot of time and effort if you take all of the information you’ll need with you to your first appointment with your broker. This way if you decide to apply for a home loan after discussing your needs you can get the ball rolling.
So what should you take?
The following items are a must:
ID: You’ll need to prove to a lender that you are who you say you are. This means producing a driver’s license, passport and birth certificate. You may also need your Australian citizenship certificate, income tax notice from the Australian Taxation Office and an electricity or phone bill in your name showing your current address.
Proof of income: In order for a lender to calculate if you can afford to borrow they need to see documents that prove your level of income. Take your last two payslips or a letter from your employer stating what you earn to the meeting. If you’re self-employed then you’ll need two years of accountant prepared business statements, as well as your tax returns and assessments.
If you receive any other income, such as shares, child support or government payments then take a record of this also.
Savings evidence: In most circumstances, to gain a home loan you’ll need a deposit and to prove that you are able to commit to paying off a home loan. Most lenders will ask to see written evidence of savings over 6 or more months.
Your financial commitments: Many of us have existing loans and other debt. If you are paying off a car loan or credit card then take your statements.
Do you need to make an appointment to see a mortgage broker? Then contact eChoice and find the right mortgage for YOU today.
Written by eChoice