Marissa Schulze and Richard O’Grady discuss what banks are looking for and how you can better your chances at getting your home loan or investment loan approved.

What type of information are banks looking for when you apply for a loan?

1. Identification

This would include things like your birth certificate, driving licience or passport. Banks generally need 100 points of ID.

2. Your Income

There are two types of income. This comes from people that are employees that go under payg and people that are self-employed. Some documents that could be asked for employees are pay slips, last years financial statements, notice of assessment. For people that are self employed the information that is normally asked for are business tax returns, profit and loss statements, the individual tax returns, two years of financial statements and etc.

3. Living expense

To find out more about what are the banks looking for when assessing a loan, be sure to watch the video above. For similar videos check out Rise High TV for more tips about the housing market. Have any question? Leave a comment below or video or contact us directly here.

Marissa Schulze and Richard O’Grady discuss what banks are looking for and how you can better your chances at getting your loan