If you want to apply for a home loan to buy a home of your dream, you should know the requirements you should have to make the loan application process easier and quicker. You should not assume that this is only applicable to you when applying for the loan from a specific loan lending company. Although different loan lending companies have different internal lending processes and policies, they have similar guidelines they all follow. However, if you are applying for a Home Loan, you should provide the loan lending bank with the following information:
Personal history: Although the lending bank will demand your personal addresses and names, these will not be enough in processing your loan. The bank will also need to know your residential home for the last three years. If you have moved in different homes within a short time, the bank will require you to provide details of how many years you have lived in each home. You will also provide the bank with your identification documents such as the birth certificate, passport and driver’s license.
History of employment: The loan lending company will expect you to provide them with accurate records of your past employments. You will also provide them with your PAYG summary of the past two financial years together with the two recent payslips from your employer. The bank uses the information from these documents to verify that your employment has been steady for a period. If you are a business person, you will provide the bank with accurate financials and full tax returns for your business. You will also provide the bank with your two-year personal tax returns.
Liabilities and assets: The information of what you own in terms of assets and what you owe others is important to the bank lending you a Home Loan. The assets the bank will look for include household contents, superannuation, cars, houses, shares and real estate among others. You will also provide the bank with your liabilities such as personal loans, home loans, credit cards, and HECS debts.
For all your loan lending needs, the Village Mortgage is your reliable partner. They provide affordable arrays of loan programs to its clients with irresistible desires to own homes. For more information, contact them at Villagemtg.com.