Adelaide finance broker Dom Cassisi writes about the information you need when applying for a loan.

Applying for a loan can seem a bit intimidating. To speed up and smooth out your application process, make sure that you have some key documents located and collected together. Preparing yourself in advance will help you avoid any unpleasant surprises during application.

If you aren’t working a steady job with a predictable flow of income, the loan application process can be especially tricky. Whether you are a Pay As You Go (PAYG) applicant or self-employed, the following information can help prepare you to make smart decisions as you seek your next loan.

“Pay As You Go” tax is standard practice for many employees. Full time PAYG employees should be in a strong position to demonstrate consistent income, which is important in the loan application process..

Contract employees can still be PAYG, and contracts can have defined periods of employment which get renewed or may not have an end date at all. Depending on the line of work and employment arrangement, payslips can be inconsistent which can make applying for a loan more challenging.

Difficult as this may be, being prepared will make a difference. Having the support and guidance of a skilled financial broker can also put you in the best position for receiving a loan.

Here’s what you’ll need:

• Group Certificate and two recent consecutive payslips for all applicants
• Loan statements –  the last six months statements on all outstanding loans
• Credit Card Statements – the most recent statement for all outstanding credit cards
• Identification – Clear copy of Licence, Medicare Card and EITHER Passport (must be valid) or Birth Certificate and Marriage Certificate (if applicable) for all applicants
• Council rates for any properties you own
• Rental statement confirming rental income for any rental properties (if applicable)

What if you are self-employed?

Applying for a loan when self-employed can also be quite a challenge. You should bear in mind that keeping track of your business details is an absolute must. When you carefully track the flow of funds running in and out of your business, a financial broker will later be able to help you find the best loan. Small details that may not seem important to you could actually play a crucial role in determining your eligibility.

The documentation you will need to apply includes:

• Last two years tax returns and financials for all entities including personal
• Loan statements – last six months statements on all outstanding loans
• Credit Card Statements – most recent statement for all outstanding credit cards
• Identification- Clear copy of Licence, Medicare Card and EITHER Passport (must be valid) or Birth Certificate and Marriage Certificate (if applicable) for all applicants
• Council rates for any properties you own
• Rental statement confirming rental income for any rental properties (if applicable)

Pay-as-you-go and self-employed workers can all benefit from a loan! Your next loan may take a little extra effort, but it’s not out of your reach. If access to over 30 banks and 200 financial products and customised financial advice sounds good to you, then get in touch with Dom Cassisi.

One of South Australia’s leading financing broking companies, Funding Options, is committed to helping you. Call Dom Cassisi on (08) 8366 0822 or send an email.