Purchasing a new asset is an exciting time. Find out what documents you will need to provide for your finance application so you can start preparing these as early as possible to avoid unnecessary delays with your application. So to make sure your finance application is as quick and efficient as possible, read this article.

Personal Finance

Generally, for personal finance such as a secured car or leisure loan, you will need to provide 100 points of identification such as a driver’s licence and Medicare card.

You will also be required to provide proof of income which can be in a number of forms.

• Permanent Full-time or part-time
  You will need to provide your 2 most recent payslips to help us verify your income. Sometimes if it is just past the end of financial year, we may also request a PAYG summary. This is used to verify that you were employed prior to the end of the last financial year with your current employer.
• Casual
  Most of the time you will be asked to provide your 3 most recent payslips. This helps the assessor to average out your casual pay to make sure you have capacity to service your loan.
• Self-employed
  Most recent tax return Notice of Assessment. In some cases, you may be eligible for a low or no doc loan, speak to your Loans For U Consultant for more information.
• Support Payments
  If you receive any form of support payments, this may be able to be included as income, simply download your Income Statement from Centrelink and provide it to your Loans For U Consultant.

In some cases, you may be asked to provide bank statements for the most recent 3-month period. This can sometimes be used as a means of confirming income and capacity requirements.

Every asset and application is uniquely different, so if there are any additional documents that are required for your specific application, your Loans For U Consultant will let you know.

Business Finance

In most cases, business finance will require your most recent business tax return unless your business and asset meet the criteria for a low or no doc loan option.

If your business operates under a trust, you will also be required to provide a copy of your trust deed.

If you are purchasing an asset under a partnership, you may be required to obtain a signature from your business partner/s to proceed with finance settlement.

Still Not Sure?

There are many different document requirements depending on the type of finance and the specific asset you’re purchasing. If you are unsure what documents you will be required to provide, feel free to give our friendly consultants a call on 1800 538 287 and we can run through your documents with you.