Not being able to prove your income is one of the major hold-ups to quick loan approval.
That's the word from mortgage bankers Cairns Lockie, who say that everyone wants a quick answer when submitting a loan application. While they have approved loans in under an hour, "to obtain this sort of service the onus rests not with the lender but with the applicant".
William Cairns says the main thing slowing down approvals is when people turn up without sufficient proof of income. That's dead easy for salary earners (you just need a couple of payslips), but self-employed borrowers need to bring accounts or tax statements.
"Self-employed people should not look on this as an onerous task just to please a lender. Completing annual accounts in a timely fashion makes borrowing easier, clarifies your tax position and confirms how your business has gone in the past year."
Cairns says another common hold-up is when people turn up but haven't decided whether or not they're going to put things in a trust: "They'll come along and you find they need a whole lot more documentation." If you're planning to borrow through a trust or company that you haven't set up yet, that's another delay as trust deeds have to be prepared and company information sent to the Companies Office before settlement day.
So, if you're in a hurry:
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Don't leave anything out on the application form (getting back in touch with you all takes time);
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Doublecheck all the attachments needed - and make sure you've attached them! This can include sale and purchase agreements, payslips, company and trust accounts; and
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If you're refinancing, remember a copy of your current mortgage lender's mortgage statement.
Other stuff to think about:
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If you plan to borrow through a trust or company, they'll take a while to set up so you'll need to get these organised; and
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If your loan has been approved subject to any conditions, for example a registered valuation, don't leave these until the last minute to sort out.
