If you’re considering refinancing, there are a number of documents that you need to gather to make sure that the process is smooth and efficient. Most of the documentation required will be the same as when you applied for your original loan. When you refinance, you will have to share information regarding your current loan and property details.
You can upload all of the following documents using online home loan platforms like Lendi to enjoy a speedy, convenient process.
Here’s what you need to know:
When refinancing, you need to be able to produce a few forms of personal identification. Ideally, you should provide your:
If you aren’t able to provide these key forms of ID, you may be able to provide your bank card, concession/pensioner card and/or tertiary student ID.
When using an online home loan platform like Lendi, identity verification is a bit easier. With Lendi, you can upload a photo of your ID and a selfie while our smart technology and experts verify you.
Just like it was when you got your loan initially, proof of income is a key part of refinancing. Proof will depend on how you are employed. Self-employed people, for example, may require more documentation than someone employed by a company. Generally, you will need to show:
It’s important to evaluate your spending habits far in advance of applying to refinance. If a lender sees that you have recent poor spending habits, they may see you as a potential liability who might not be able to make monthly repayments. Poor spending habits could look like frequent online shopping or dining out.
To evidence your expenses, you need to show recent bank statements. Lenders will also take into account factors such expenses related to children (e.g. private schooling, extra-curricular activities and childcare), utility costs, health expenses, insurance and recreational/entertainment costs.
By declaring your assets, you give lenders a clear picture of your financial situation. Your assets are assessed to indicate your risk as a borrower. Here are some examples of what you’ll be required to provide details on:
Your liabilities are any debt or financial obligations that you have. Again, by declaring these on your application, you indicate your risk to the lender. Liabilities may include:
You will need to provide recent statements for these liabilities.
Since you are refinancing, you must provide details of your current loan and property. Such details may include:
Other property details:
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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