Most delays in a loan application are not caused by the answer, they are caused by the questions. Every document a lender has to ask for adds a round of back-and-forth, and an application that arrives incomplete is often read more cautiously than one that tells the whole story from the start.
What lenders usually want to see
- Proof of income. Recent payslips for employees; for business owners, the last two years of tax returns and financial statements.
- Bank statements. Typically several months for each everyday and savings account, so the lender can see income arriving and how the accounts are run.
- Assets and liabilities. Property you own, savings, super, and every debt including credit cards and buy-now-pay-later accounts.
- Identification. For every borrower and guarantor on the application, not just the main applicant.
Why it matters
When the picture is complete upfront, the assessor can work through the application in one pass instead of pausing for missing pieces. It also lets a broker match the application to a lender whose policy fits your situation before it is submitted, rather than after a decline.
Video transcript
Hi, I'm Jack Si from Australian Finance Service Solutions.
Having your paperwork ready before you apply changes how a lender reads your application. Financial statements, tax returns, a clear picture of your assets and liabilities, the more complete the picture upfront, the faster and smoother the process tends to be.
If you want us to look at your situation, send us a message.
This is general information only and is not credit advice.
Want us to look at your situation? Send us a message or call 1300 968 888.
General information only, not credit advice. It doesn't take your personal circumstances into account.
Jack (Muyuan) Si is a Credit Representative (516785) of Buyers Choice Licencing Pty Ltd ACN 626 172 281 (Australian Credit Licence No. 509484).