Did you know the number 1 cause
of home loans being declined?
It’s because not all the mortgage documents required, are provided at the start.
As a mortgage broker, we usually have a pretty good idea if your loan is going to be approved or not before we submit your loan. However one of the major problems lenders and brokers both have, is getting all the mortgage documents required in the very beginning, to get the loan approved. Brokers and banks will regularly accept an application prior to getting all the mortgage documents or supporting information and take the verbal information provided by the client. Occasionally this works out, but all too often it doesn’t. It really can cripple your chances at getting approved, when we take information from you without the supporting documentation and find out that later the information is different, wrong or missing. For example, you might tell us you are on a package of $85,000. But on review, we may find this includes a car allowance and super.
Why it is best if we get all your supporting documents upfront!
This may seem like a trivial detail, but it can make a big difference. It will have a massive effect on your borrowing capacity and can really mean that you don’t get the right match in lenders.
Each lender has their own way of calculating your income, the repayments on your existing debt, and what they think your cost of living is. As a broker we know each lender’s rules, so before submitting an application, we make sure you actually qualify for a loan before submitting it. Providing all your mortgage documentation to us upfront means you have a far greater chance of having your loan approved. It will also mean that it will go through much more smoothly and give you a quicker approval.
Anywhere that you go and any lender that you use will ask for these documents, so it is better to get it all done in the one go so you can get your loan process started and finished sooner. We are here to help and we want to give you the best success with your loan application, so we are providing you with the checklist below so you know what you need to do to make it happen.
- Primary ID such as Drivers Licence and Passport. Must be current
- Secondary ID – such as medicare card, rates notice, bank statements
- Rates Notices for all and any properties owned
- A completed Budget
- Most recent two pay slips or letter of employment from employer listing pay details
- Latest group certificate or tax return and your most recent Notice of assessment (this is the document sent to you from the ATO after you have submitted your tax return and it has been assessed)
Self Employed Applicants (all the following)
- Latest two years full business/company Tax returns and financials
- Last two years full personal Tax returns
- Latest ATO Assessment Notice
New Purchase Applicants
- Contract of sale – Most agents will send this to us directly
First Home Buyers
- Last 6 months of bank statements confirming genuine savings pattern
- Completed Great Start Application form (if applicable)
- Last 6 months statements of loans being refinanced
- Last 3 months statements of credit/store cards being refinanced
Investment property applications
- Letter/statement from Real Estate Agent confirming proposed/existing rental income or lease agreement
- Description of property eg warehouse, office, factory, studio apartment (if not residential house/unit)
Loans in the name of a Trusts
- Trust Deed
- Last two years full Tax returns of the Trustee
Lo Doc Loan Applications
- Twelve months of business activity statements
- Latest six-months of business working account bank statements
Construction loan applications
- Fixed price building contract/quote/tender
- Proposed building plans and specifications
I have dealt with Alex twice now and both times he has exceeded my expectatio
Authentic, reliable and professional advice from someone you can trust is crucial when it comes to your finances. Alex always goes the extra mile to provide the best outcome and also to carefully explain so that you understand what you are doing and why, that's why I highly recommend him and will continue to use his service.
MangoMoney.com.au made refinancing simple,quick and easy. Highly recommend Alex and his team. They work with you every step of the way and get you the best possible outcome. Thank you! We will continue to use Mango Money and a recommend to our friends and family.
Highly recommend Alex Warren from Mango Money. Alex provided some good loan options and communicated with us during the whole process. Our loan was somewhat complex and wasn't your typical home loan. Once again thank you Alex and we hope to deal with again in the near future.