Whether you're applying for a home loan or a personal loan, it's important to submit a strong application. Read on for some tips and insider information. Good luck!
Lenders receive thousands of applications for finance. Some even use AI as part of the assessment process. They look for things such as stability and reliability when assessing loan applications.
Here’s how you can improve your chances:
- Good credit score – A higher score means better chances of approval.
- Stable employment – Ideally, you should have at least six months in your current job.
- Low debt levels – Reducing credit card limits and personal loans improves your borrowing power.
- Consistent savings history – Showing a habit of regular saving demonstrates financial responsibility.
Key Documents You’ll Need:
- Proof of ID – Driver’s licence, passport, or other official documents.
- Income evidence – Payslips, tax returns, or financial statements if self-employed.
- Bank statements – Showcasing your savings and spending habits.
- Debt details – Credit cards, loans, or other financial obligations.
- Proof of deposit – Evidence of your savings or gifted funds.
Preparation is key
Getting the right advice early can help streamline your approval process.
An Elders Finance broker will not only find the right loan that suits your situation and goals, they'll help you throughout the entire application process, ensuring you put your best application forward.
Disclaimer: This information is general in nature and does not consider your personal objectives, financial situation or needs.
Brokerage services provided by Elders Home Loans Pty Limited (ABN 22 118 064 654; Australian Credit Licence 384408) or its authorised credit representatives; or by Elders Asset Finance Pty Limited (ABN 39 670 506 617; Credit Representative Number 558452) as authorised credit representative of LMG Broker Services Pty Limited (Australian Credit Licence 517192). Lending criteria apply. Not all products of all lenders may be offered.