When it comes to applying for a loan, it’s not quite as simple as approaching a bank, deciding on interest rates and then receiving the full sum that you’d like to borrow. There are procedures to follow, checks that will need to be made and a final approval that will need to be granted by the lender.
At Tundra we have a great level of understanding relating to the loans process, how it works and what to expect.
As a first time applicant, you may be wondering what you can do to maximise your chances of being approved for a loan. The first thing to do is to achieve a better understanding of the way in which the entire process works. The information below will help with this matter.
Please bear in mind that the processes can differ from lender to lender, but in most instances the following steps will apply.
The very first thing that a bank will want to know is how much you intend to borrow. They will also provide further information relating to the total deposit sum and this can be anywhere between 5% and 20%. When using our services, we will approach lenders on your behalf to source a range of options.
Next, a lender will propose interest rates and provide an idea of how much you will be expected to repay each month (or fortnightly, depending on the plan selected). Our broker services will help to determine the different solutions available and ensure that the most suitable and competitive loan is being applied for.
Once a notice of interest has been submitted, the lender will then request a variety of documentation. We can correspond on your behalf to make sure that the terms are suitable and that your financial situation will be able to cater to them.
You will now need to submit all required documentation to your chosen lender. This can be done physically or through our services, and the documents will typically include proof of earnings, financial reports, verification of residency within Australia and other similar evidentiary items.
The lender will now collate all relevant documentation and review the application. Our services can also assist during this process, as we are able to correspond with a lender’s representatives, answer any questions that they may have to ensure a smoother process.
Once the above processes have been fulfilled, you will then be presented with an outcome of your loan assessment.
For further information, please feel free to get in touch with one of our friendly advisors by emailing email@example.com or by calling (03) 9021 3774 today!