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Income documents:
Income Documents are used to prove your serviceability for the loan.
PAYG
For PAYG borrowers, pay slips provides the figure of your regular income whereas employee letters should state the average income of current position. Alternatively, personal tax return is another proof for income.
Centerlink
For Centerlink borrowers, centrelink income statement is the only acceptable proof for such income.
Self-employment
For self-employ borrowers, a business registration paper is critical with stated ownership. Tax return/account letters to prove last 2 years business income will be beneficial for you and business card is optional.
Bank statements
This is necessary as this is required by the lenders. Bank statements MUST have your full name, BSB and account number. This information is to identify the owner of the account and also a confirmation of the stated bank account filled in the application form. Please note that most of the internet banking statement does not contain the full name. A possible solution for this is to provide an old bank statement that contains your full name and match it with the most recent bank statement you are able to obtain. Another solution is to obtain a bank statement from your local banks.
Security Documents:
As it might be aware, our loan is heavily asset based and the only asset we accept are motor vehicle and/or property. Therefore it is important to provide information in regards to these assets.
Motor vehicle
Registration paper is needed by the lender to assess its trade in value and to check if the vehicle is being financed. There is advantage for those who have comprehensive insurance for its vehicle as it will slightly boost up the value of the vehicle. Therefore, it is of greater benefit to also provide the comprehensive insurance paper if applicable.
Property
Mortgage repayment statement and appraisal reports are needed if a property is used as a security for a loan. Lenders will need to obtain both documents to calculate the LVR (Loan Valuation Ratio). Appraisal reports can be obtained for free from the nearby real estate agency.
100 Points Documents:
In order to gain 100 points for your identification proof, applicants need to provide Driver License/Passport/any photo ID, Medicare card AND Bank Card/Credit Card. Residency proof is supported by council rate/lease agreement/rental receipt AND one of the utility bill.
Some might considered the process of gathering documents to be a hassle, however if one wish to obtain the desire loan amount it is always better to provide more details than less.
Cash Finance is a leading Australia based finance company that offers fast and secure loans since 2005. We have over 3,000 satisfied customer Australia-wide. Fast cash loans are all we specialised in. Even if you have bad credit, we can still help. Apply today for instant cash relief.
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