To get approved for a home loan, you'll need to provide documentation to confirm your identity, income and more. The good news is that nowadays you can upload all your documents to online platforms like Lendi's in seconds.
To make life easier, we've put together a list of the documents you'll need to get in order to help ensure a speedy home loan approval and avoid any frustrating delays.
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For any loan you are applying for, you will need to prove you are who you say you are by verifying your identity. You can verify your identity online by simply uploading a photo of your ID and a selfie. Our smart technology then uses biometric facial recognition and live verification experts to compare a selfie to the picture on the ID supplied.
You can verify your identity with the following:
Now that you’ve proven your identity, you need to prove you are able to make monthly repayments on your loan. Your borrowing power is governed on the net amount left after your monthly income and expenses.
Your proof of income can be shown by providing:
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Before approving a home loan, you'll be asked to declare your expenses.
It's a good idea to review your bank statements because it's easy to underestimate your expenses and forget simple everyday things.
You'll be required to declare any expenses in the following categories:
Then your lender will need to verify these expenses by requesting your most recent bank statements.
To ensure you are transparent in your spending, consider making a comprehensive list of your monthly expenses. You can download these from your bank's website or link them to the secure Lendi platform directly.
By aligning your income and expenses, your lender can assess how much you can afford, and your ability to make monthly home loan repayments.
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You’ll also need to provide proof of your assets and liabilities.
Assets are anything that has a monetary value. Assets may make lenders feel more confident about your security as a borrower since the sale of assets can assist in the repayment of your home loan if an unexpected redundancy or unemployment occurs.
You'll be asked to declare and provide details on:
Don't pay more than you need to.
Liabilities are any financial debts you may have. Before approving a loan, lenders need to know if you have any existing debts and how long you will be paying it off. This is essential information to provide to protect yourself from mortgage stress later on.
You'll be asked to provide details on any:
By providing all of your assets, liabilities, income and expense details, you are giving your lender the information they need to make sure you are comfortable in repaying your home loan.
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Not everyone is buying an established home for the first time. Others may be seeking a home loan to build a property, or are reevaluating their current circumstances and looking to refinance. In these situations, some additional documents are required.
As well as the above income, expenses, assets and liabilities, additional documents you may also need to provide your lender with the below when you are refinancing your home loan, include:
Construction loans are for people who are building a new home, or making major renovations to an existing one. In these situations, you may need to provide your lender with extra documentation such as:
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