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You Find The House
Thinking about buying a property? Get ahead of the game and have all your source documentation ready.
Completing an application is one of the things you need to do to get finance. Whether you've already found a home or are just wanting to get pre-approved, you'll need to provide some documentation to your lender. The information required will vary depending on the lender you choose, your loan option, and your personal financial situation.
The following list of documents is usually required when applying for a new home loan. For a fast and easy loan process, it's advisable to have these items available when you are ready to complete your application.
- A copy of your ID document.
- A copy of the offer to purchase containing seller's and purchaser's details (not necessary for a pre-approval).
- Proof of income.
- You will need to produce a salary slip (not older than 2 months) / or a letter from your employer with a breakdown of your salary and deductions.
- If you are self-employed then you will need a letter from an accounting officer confirming your income, or a statement of assets and liabilities.
- 6 months worth of bank statements.
Companies / Close Corporations
- Copy of financial statements. You may be required to produce a full set of financials e.g. balance sheet, income statements and so on, which must be signed by the auditor.
- Details of all the directors / members.
- Founding statement of the close corporation.
- Close corporation certificate.
- Company certificate.
- Memorandum and Articles of Association.
- A resolution by the directors / members of companies / close corporations advising who may sign the home loan application / pre-approval for the purchase of the property.
- A copy of the Trust Deed.
- Resolution advising who may sign the home loan applications / pre-approval.
- A resolution by trustees advising who may sign the documents and purchase properties.
Once you've begun the home loan application process, your ooba home finance expert will advise you of all the documentation required for your situation. But keep in mind - the more information you have ready before you apply, the faster your loan will be approved.