OMG, why is my broker asking for SOOOO much paperwork???

Why does my broker ask for so much documentation?

No one likes paperwork; however, providing your broker with the right documentation will save you time and money.

What information will your broker ask you to provide?

When you ask to enlist the services of a broker, they will probably ask you for the following documentation:

● Identification, including photo ID such as driver licence

● Income verification documentation such as recent & consecutive payslips

● Expense verification documentation such as recent bank statements for 3-6 month period for ALL accounts

● Details of all assets & liabilities

● A written authority from you allowing the broker to access your credit file

● Birth certificate, if you are applying for a government funded first home owner grant

Depending on the lender or bank you would like your broker to apply to for your loan, you may also be asked to provide:

● A recent PAYG summary

● A notice of assessment from the Australian Taxation Office

● Tax returns

● Proof of your contribution toward the transaction, such as savings or deposit statements

● Purchase contracts for a home loan, including building contracts, or plans if building

Depending on home many bank accounts, assets, liabilities and how complex your financial situation is, this can amount to a lot of information to collate in a short time!!! Work with your broker and provide as much information as you can at the very beginning, it will save the broker chasing you up for more at a later date (and more) (and more.....)