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Document Requirements

What are the documents that are required for a loan application?

The team at Loan Lounge is committed to providing you with an experienced, responsive and caring service.

To do this, we require information from you to understand your financial position and assess the best options for you to make the correct financial decision.

The following is a list of information we require from you to start the home loan process:

Identification Documents

  • A copy of your driver’s licence
  • A copy of your passport
  • Council rates notice (of any property owned)

Income Documents

  • 2 x most recent payslips (if an employee)
  • Rental Statement for your investment property (if any

Bank Statements – Please use this link for Bank Statements OR we require:

  • 6 month’s statements for any home or business loan. Please note that the statements must be the latest 6 months and show the full name, account number and list of all transactions.
  • 3 month’s statements for any credit card, car loan or personal loan. Please note that the statements must be the latest 3 months and show the full name, account number and list of all transactions.
  • 3 month’s statements for your everyday account (where salary is credited)
  • 3 month’s statements for any genuine savings (if this is your first home purchase)

Income Documents if you are self-employed

  • Latest 2 years Full Individual Tax Returns and associated Notice of Assessment
  • Latest 2 years Company/Trust/Partnership Financial Statements & Tax Returns

If you are unsure of any document requirements, please reach out to us if you have any questions.

Documents or questions can be forwarded to admin@theloanlounge.com

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Do I have to pay a broker?

We are remunerated by the lender for introducing you to them. We introduce you based on the information you have provided to us. The business is paid via upfront and trail commissions. However, these commissions are not payable by you. Think of it as a distribution channel of the lender.

What do we need to know about you?

The most important part of working with a broker is to understand your personal situation. We do this by completing a fact find which ask you questions about your current situation covering your income, expenses, assets and liabilities. We then ask for a copy of documents to verify the fact find and put together a […]

How long does the process take?

Once the application is processed, it may take anywhere from 1-5 business days to obtain a conditional approval (preapproval) provided everything is provided and the lender does not require any clarification. From the start of the process to the end (settlement date). Typically, the timeframes are: 1. Refinance – 2-3 weeks 2. Purchase – 6-7 […]

How can I prepare?

It’s a good idea to have the following documents ready to share with your broker: ID documents Income documents Asset & Liabilities information Living expenses information 3 years of employment & addresses information With this information handy, you’ll be ready to start the home loan process and well on your way to getting your property. […]

Where to from here?

It is good practice to review your loan on an annual basis or when your circumstances change. Some triggers that make it a good idea to relook at your loan are: 1. Uncertainty – concerned about the future and would like to revisit your loan 2. Time – a year has passed or more. We […]

How long does my preapproval last?

A preapproval usually last 3 months. Please note that a preapproval is another name for a conditional approval where there are still conditions attached. The main risk with a preapproval: – Changes in interest rates which will alter your borrowing amount – Changes to your income which will alter your borrowing amount – Changes to […]

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