Queensland Compliance Hero Finalist Julie Rashleigh

Earlier this month, our Home Loan Specialist Julie Rashleigh was honoured to be nominated for a Connective Excellence Awards 2020 by our Aggregator.  Julie received recognition as a Finalist for the Compliance Hero category for Queensland.  This is an excellent achievement given the high level of compliance for our industry.   Julie said, “Our industry is very challenging, especially in the compliance area, so I take much pride in being recognised for my hard work.”

We’re equally proud of Julie’s achievements. And it’s a tremendous credit to our team who put in a huge effort to ensure we meet all compliance requirements.

Why Compliance Matters…

But what does compliance deliver for you?  Firstly, it always provides you with peace of mind that we’re acting in your best interest.  This is paramount.  It also provides lenders with assurances of your accurate financial position.

To ensure you meet all compliance requirements for approval for a home loan, here’s what we need to review.

  1. Proof of identity – drivers’ licence / passports/ birth certificates
  2. Current Bank statements
  3. Saving history or rental payment history
  4. Current credit card statements
  5. Other loans or debts – e.g. home or business loans, personal or car loans
  6. Zip pay/After Pay liabilities – this must be captured accurately
    • Confirmation of your Zip Pay credit limit
    • Or if you use After Pay for your purchases, then this needs to be correctly included in your monthly living expenses.
  7. Proof of current income
    • If you are PAYG – you must provide the last three payslips + 2020 Income Statement
    • If you are Self-employed – you must provide tax returns for the last two years for all entities, plus Notice of Assessments for individuals, and Financial statements.
    • Some lenders require BAS statements for the past 12 months
  8. Proof of assets – existing property, shares, or capital notes
  9. Detailed account of monthly and yearly expenses and spending habits.

This is important for all lenders, so must be as accurate as possible. To assist, we will provide you with a template to complete, outlying all possible expenses to make it easy. Once completed, we will review and discuss with you to ensure these are accurate before applying.

Applying for your Home Loan – next steps

After we have reviewed these documents, we can assess your financial position accurately. Firstly, we calculate your borrowing capacity and advise on how much you can afford to spend on your property.  To give you the best result, we input your information into a few different lenders to determine your optimum borrowing capacity.  This takes a little time, as each lender has their own servicing calculators, so we need to accommodate these.

We then provide you with a selection of lenders and their product offerings.

Once a lender is selected, we can help build a solid case for your home loan approval to save you disappointment as well as time and money in the future.

But, if we feel you are not in a strong financial position yet, we can help set you on the right path to developing good saving habits to realise your financial goals.

If you would like to work with us, contact our team today.

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