If you’re applying for a home loan, you may be wondering how long the process is going to take from start to finish. But as anticipation builds, it’s important to know that the length of the process greatly depends on how organised your financial documents are. Many delays that happen during the home loan approval process are due to the lender waiting to receive necessary paperwork from the buyer. If you’re applying for a home loan and you want to ensure that the process is as speedy as possible, here’s an easy document checklist to make sure that you’re prepared:
- Proof of deposit funds - generally a bank account statement to verify your genuine savings for your deposit
- Pay slips that can verify your income and are less than 60 days old
- If you cannot provide pay slips, you may be able to provide an employment contract which states your income and a letter from your employer verifying the information
- If you happen to work for yourself, you will need to provide the last 2 years of tax information to prove your income and financial statements
- If there is any other income outside of employment, you will also need to provide proof of it (such as rental income or other investment income)
- An acceptable form if identification – such as your passport or driver’s license and your birth certificate
- If you received a gift to help with the home deposit, you will need to have a letter from the person who gave you the money, outlining that the funds are a gift – or if the funds are a loan, documentation providing the repayment terms
- Proof of government income (if applicable)
It’s always a good idea to make sure that you have all of the documentation that you need before starting the home loan process. By being prepared, you will be able to save a lot of time and help the process go smoothly.
Apply Now for a home loan or call 1300 661 991.
