26 Apr 2022

Financial Documentation: What Documents to Submit for Best Results During Mortgage Application

Financial Documentation for Mortgage Application

Conventional mortgages fall into the full financial documentation category. To qualify, homebuyers must provide a 20% deposit, three months’ worth of payslips, and bank statements. In addition, lenders take a look at the homebuyer’s credit report, government-issued IDs, and proof of debts. 

The mid-2000s brought a lot of changes to the lending market. Lenders developed alternative home loans to conventional mortgages. They realised that all home buyers couldn’t provide a 20% deposit. As Australians opened more small businesses and became independent contractors, others couldn’t provide full financial documentation. 

To obtain the best loan terms and home loan rates, it’s best to provide a deposit, payslips, and bank statements. Then, the lender rounds out the application with credit scores, proof of income, and expenses. Conventional mortgages receive the best loan terms and remain the most straightforward.

After the events of the mid-2000s, the public shied away from variable rate loans. Thus, lenders came up with tools that help offset home loan rate charges and hedge against potential spikes. 

Mortgage House is a non-bank lender. We specialise in conventional mortgages and its alternatives. We work with first-time home buyers, investors, and small business owners. Thus, our loan specialists can find suitable loan terms for most financial circumstances. 

The best way to find out what will work for you is to speak with our team. 

Financial Documentation for Mortgage Application Conclusion

Financial documentation is just as important as the application. If you cannot provide full documentation, you can apply for our Mortgage House low doc loan options. To explore your options, contact our loan specialists today.

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