Applying for Melbourne home loans requires time and effort from all parties involved, however, following proper home loan application steps can make the process manageable and helps you make the best decision possible.
The common steps when applying for Melbourne home loans includes, your loan application, identity verification, valuation, loan approval and of course the settlement.
When applying for Melbourne home loans, having all the application requirements at hand can serve as an advantage and can facilitate your loan application. These requirements include, but are not limited to, your ID, proof of income, asset details, Bank statements and any debt information.
Lending Specialists is a leading lending Company with experienced Mortgage Brokers offering competitive rates for Melbourne Home Loans. We walk our clients through every step of the process to give them an easy and smooth home loan application experience.
Questions you might be asked during Melbourne home loans application:
Your identification:
- Presenting a valid ID is crucial for identification purposes and is the first thing lenders request so they can identify you. Examples of such ID can be a valid Driver’s Licence, Passport or Birth Certificate. A secondary document may also be required such as a recent utility bill.
What you earn:
- Your income details will be needed for the loan application. Your income will serve as a basis for lenders to satisfy themselves that you will indeed be able to meet your loan repayments.
What you own:
- Significant properties and assets, as well as any savings serve as an advantage when applying for a home loan. This is because they can be used as a fall back for the lenders in case you are not able to meet your loan repayments for a specific reason. Lenders will need supporting documents to check these details.
What you owe:
- Lenders usually ask details about any debts that you may have – your credit cards, store cards, leases and personal debt. This helps lenders assess your financial stability and status further. Some borrowers take this opportunity to completely re-assess their finances before taking out their home loan. This simplifies and makes the loan repayment process as stress-free as possible.
Residential status:
- If you are renting, you will be asked to give details like the amount paid in monthly rental and how long you have been residing there.
These are the general questions that may be asked and other related questions might follow. Applying for a Melbourne home loan is a huge commitment hence it is necessary to gather as much information as possible to help get you into your new property quickly and smoothly.
If you have any questions about Melbourne home loans or need help in applying for one, contact Lending Specialist on (03) 8805-1800 or email barry@lendingspecialists.com.au
