What do you need for a home loan? It’s something we get asked almost everyday here at No1 Property Guide. With so many different lenders, with different rules, policies and requirements, it’s natural that many renters don’t know where to begin. So to help you out, Darren Walters, CEO and Founder of No1 Property Guide has put together this article to cover exactly what you need for a home loan.
Step 1: Provide Basic Details
The first step when buying a home, no matter who you go through, is providing your basic details. At No1 Property Guide, we focus on getting the core information we need straight away so we can accurately assess your situation and provide you with your factual options.
These details will include:
- Your income
- Any debts
- Rental history
Arguably the most important piece of information, at No1 Property Guide, your borrowing capacity is solely determined by your income vs your debts. Which means knowing your income is crucial.
To prove your income, each applicant will generally need to provide:
- 2 current payslips or last 2 years tax returns if self-employed
- Most recent income statement
- Family Tax Benefits statement (if applicable)
The Smith Family – Happy Homeowners since 2020.
Unlike major banks and lenders, our process won’t leave a hit on your credit score, but allows us to tell you exactly what you can or can’t do towards securing your new home.
Sarah and Alan – Happy Homeowners since 2020.
Key debt information you’ll need to provide for a home loan includes:
- Credit cards (max limit & current balance)
- Personal loans
- Car loans
- Student Debt
- Child Support
- Salary sacrifices
- House repayments (if you already own a property)
This information tells us how much of your income is taken up by your debts. But don’t worry if you think you have a lot of debt, using Darren’s system, No1 Property Guide has been able to help thousands of clients get into their new home. Including many who had multiple debts and even those who had less than perfect credit.
Dependents, Savings & Rental History
Supplementary to your income and debts; dependents, savings and rental history can all affect how much you can borrow towards building your new home. Proof of your strong rental history, with a letter or ledger from your real estate showing you regularly pay your rent and that you’re on time can help bolster your application and speed up the approval process.
Step 2: Get Qualified Using Darren’s System
The Olayvar Family – Happy Homeowners since 2021.
Once we have your basic details and you have supplied the required documents, your next step is to get qualified using Darren’s proven new home system. After assessing your details, our New Home Consultants will fit you to a lending policy and then work with you to ensure you are qualified.
Then, once you’re qualified, we’ll begin the process of securing your no or low deposit house and land package.
Step 3: Secure Your Package
Now that we’ve fit you to a lending policy and confirmed you are qualified, the exciting part of the process begins. At this point, your New Home Consultant will find a house and land package that fits your preferred location and borrowing capacity.
Once we have confirmed your package, you’ll need to sign your paperwork to secure the block. Then we’ll submit your package for valuation. When the package comes back on dollar, we’ll submit the formal application and secure your mortgage approval.
We have had a 100% approval rate since 2018 for all homes at this stage.
At this stage, we’ll also begin the discussion of your loan repayments and pre-approval. Your New Home Consultant will break down your interest rate, repayments and the full loan structure for you at this point so you can clearly understand the entire process and make an informed decision.
Step 4: Move In
The fourth and final step, and the most exciting of them all—move in! Once your new home has been built, all that’s left is to move in and start enjoying your life as a homeowner.
Leon – Officially Homeowners Again.
Courtney & Ruben – Happy Homeowners!
Griffin Family – Officially Homeowners!
Become a Homeowner with Darren’s Proven New Home System
Now that you know what you need for a home loan, it’s time to take the first step on your homeownership journey. Darren has already helped thousands of renters become homeowners, and he could possibly help you as well.
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