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Here’s Why Your Finance Broker is Asking for Too Many Documentation

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Nobody really likes collecting the paperwork. However, providing the right documentation to your Sydney finance broker can save you time and money. 

What Will Your Finance Broker Ask From You? 

Your Finance broker might request the following documents. 

  • Proof of Identification (Driver License & Passport)
  • Income Verifications (Payslips & Tax Returns) 
  • Birth Certificate (For those applying for a government-funded first homeowner grant)
  • 3 months bank statement to verify monthly living expenses 
  • 6 months loan statement for refinancing loans
  • Council Rates Notice for refinancing loans 

 Additional requirements might be asked, depending on the lender or bank your finance broker intends to apply for your asset loan

  • Recent PAYG payment summary 
  • Notice of assessment from the Australian Taxation Office
  • Proof of your contribution toward the transaction (savings or deposit statements) 
  • Contracts for the Sale of property purchase home loan
  • Building contracts, building plans for construction) 

Why Do You Have to Provide These Requirements? 

It might look like never-ending paperwork, but these requirements will protect you and even allow your finance broker to get a suitable loan. It benefits your finance broker when doing a fact find, which is a critical part of the loan process. 

 Your finance broker can help you find a loan that matches your property goals and financial capacity. After all, they do not want to place you on a loan wherein you cannot afford to repay it. 

Will the Bank Request the Same Documentation? 

Now, the good thing about preparing a lot of documentation is that these are the same things a bank will require from you. While you can reduce paperwork if you apply with your current bank, however, you are only limited to their offer and their products 

The best benefit of working with a finance broker than an individual bank is that a finance broker has access to various banks and their products, they can do the leg work and find you a suitable lender and the loan product. 

Here’s another reason why you should utilise a finance broker. They can advise you if you have a chance of getting a loan approval as they have access to loan calculators, affordability and serviceability. Additionally, if you have a credit issue such as default, they can guide you in getting the default removed if possible.

 

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