When it comes to mortgage loans, majority of the business owners consider it to be a time-consuming process, whereas it’s far from the truth. It hardly takes an hour or two for filling up your business loan application. That said, every business loan requirement is different and so are their documentation procedure.
For example, you may come up with a lot of questions which might take some time to fill in and at that point, you need to furnish some official evidence that would reflect your business earnings. Before filling up your mortgage application, you need to keep these documents and financial information ready in hand.
Information of Your Business Income
Finance companies in Brisbane would expect satisfactory evidence of your business earnings and the document you would furnish should support your income. However, earnings may vary depending upon the nature and type of your business. The nature of questions may vary according to lenders, but some common ones are cited below.
- What is the nature and type of your business?
- What is the scale of your business?
- What is the annual income of your business?
And so on…
Evidence of Your Revenue and Expenditures
It’s likely for any lender to verify the annual business income and net worth before sanctioning a loan. This may include proof of any ongoing loan repayments, major investments in share markets, personal finances and so on. To provide valid evidence of your income, expenses and debts, you need to provide the income tax return file of your business, financial statements, Balance Sheets etc to satisfy the grounds of getting loan sanctioned. You should also be prepared to furnish information reflecting accrued loan repayments if any.
Proof of Assets or Personal Savings
Before filling up a mortgage application form, you should carry recent statements of your personal savings account or any long/short term deposits. If you are willing to borrow 80% of the loan amount, lenders would ask you to produce genuine evidence of the past six months reflecting your contributions.
If you want to get everything ready in hand on the date of your appointment, you can hire professional finance brokers in Brisbane who can guide you on correct filling up of the details and help in speeding up the task. You should also carry proof of ownership of shares, mutual fund investments or any other asset that you have.
By staying organised and keeping valuable documents ready in hand a week before your mortgage application appointment, you can save both of your time and effort.