What Documents Does a Mortgage Broker Springvale Need for a Personal Loan?

 

Personal loan approval demands exact documentation with precise details. A small mistake may delay or disapprove the loan. 

From lender comparison to documentation, an experienced Mortgage broker Springvale handles all intricacies to close the best deal just for their clients. However, documents after your credit score play an important role in retaining the low rates. 

Let’s find out which documents you need to be ready with when personal loan possession is foremost for you.

 

Required Documents: A Mortgage Broker Asks For Personal Loans

A loan, which is a complicated process, cannot proceed when you’re not document-ready. Let’s unveil what document you should have to get a personal loan:

 

1. Proof of Identity

In order to validate your identity and prevent fraud, your mortgage broker will ask you for government-approved identification. Such as:

 

●     A valid Australian driver’s licence

●     Australian passport (or foreign passport with visa)

●     Medicare card (as secondary ID)

 

2. Proof of Income

Income verification helps lenders know your financial health and ability to repay the loan. Know what you may need as per your employment type:

 

●     Salaried employees: Last 2-3 months' payslips, latest PAYG summary or tax return

●     Self-employed: Business Activity Statements, last or latest tax returns, and profit or loss statements

●     Casual or contract workers: Some months’ worth of payslips or bank statements

 

3. Bank Statements

Most lenders request across the country at least 3 to 6 months of bank statements to assess your spending patterns, savings, etc. Make sure your statements show:

 

●     Your salary deposits

●     Regular expenses, for example: rent, bills, groceries, etc.

●     Any existing debt repayments

 

4. Employment Details

Your Mortgage broker Springvale may ask for below given employment details:

 

●     Employer's name along with contact information

●     A job or offer letter that confirms your job role, salary, and duration of employment

 

5. Credit Report

Your mortgage broker will ask you to handover them your credit score report to let them know your credit condition, helping in loan approval. A  high level of credit score shows responsible borrowing and on-time repayments, creating reliability from your end.

 

6. List of Existing Debts & Liabilities

Know what debt and liability you may have provided to the broker:

 

●     Credit card balances and limits

●     Car or personal loans

●     Buy-now-pay-later obligations, such as afterpay

●     HECS/HELP debt

 

This helps your certified mortgage broker Ashwood figure out your debt-income ratio and suggest loan options from lenders accordingly.

 

7. Proof of Residency

You might be naked to provide:

 

●     The latest electricity bill

●     Council rate notice

●     Lease agreement (if renting)

 

These documents are to confirm your residential address in the city.

 

Final Words:

Even a single missed or wrong document can stop your personal loan approval. So, be ready with these documents or seek assistance for confirmation from a Mortgage broker Springvale. Cash Capital is one of the most reliable mortgage brokers in Australia that helps its clients with expert guidance. Even they offer low-doc loans in specific cases.

 They also compare and negotiate the best loans from lenders as they have access to top lenders and products. Call them now!