All lenders are likely to ask for the same information. We have summarised a home loan document checklist for consideration when applying for a home loan.
If you’re approaching a lender for the first time you’ll need to be ‘identified’. When you apply for a home loan you have to show identification up to the value of 100 points. A driver’s licence earns 40 points, a credit card can earn 25 points and a birth certificate 70 points.Only original documents qualify. It’s not unusual for a home loan application form to take up to ten pages. But here’s where we are able to help!
Your Lender will want to ascertain your:
- capacity to repay,
- financial risk,
- collateral (will the property you are buying be adequate security for the amount borrowed?), and
- existing assets.