What you'll need to get finance
Typically for most finance applications our lenders require the following documents to complete a finance application:
· Photo Identification
· Proof of Income
· Information and proof of other Loans and personal savings
· You may also be required to supply other details
Finance the MRD Way
Clients of MRD are guided through the following process to ensure that their finance journey is smooth, quick and pain-free!
My Starting Point (MSP)
The first thing we need to do is to find out a bit about where you are currently positioned and whatever that is it is your starting point. We refer to the online form we use to gather those details as a ‘My Starting Point (MSP) form.
With this information we are able to assess both your borrowing capacity and your purchasing capacity and pinpoint the investment property price range that you are able to responsibly consider.
Choosing a Property
You would perhaps already be in discussions with your MRD Property Strategist who has researched your goals and objectives and given you some property options.
We like to order valuations upfront to ensure we have the full picture from the outset. This allows us to choose the most appropriate loan structure and the lender. Our Finance Strategists have access to hundreds of loan products from in excess of 40 lenders and so are able to provide you with the expert advice you require and help you to choose the investment property loan that’s most appropriate for your current circumstances and longer term investment strategy.
National Consumer Credit Protection Act
In 2012 the federal parliament passed the National Consumer Credit Protection Act (NCCP) introducing regulations including proof of income being mandatory prior to any residential property loans being offered to individuals.
Today if you are looking to borrow money to buy a home or invest in a residential investment property you will first have to provide proof of income.
Applications and Information Gathering
Once we have gathered the required personal financial information from you and complied with the NCCP Act, we will start the process for you. The loan application and other required paperwork will be sent to you to complete. We will do whatever parts of this we are allowed and we’ll hold your hand through the rest, following through on the entire process with your lender from start to finish. (Almost) nobody enjoys paperwork so we intentionally will do all we can to make the process as hassle free for you as we are able.
Submit to lender
Upon receipt of paperwork back from you we submit the same up to the lender for assessment.
There may be requests for additional information at times, which we will coordinate until your loan is approved. We will then send the loan documents to you for ‘autographing’ after which they are then returned to the lender for preparation of settlement.
After we receive confirmation that your loan has settled we will be back in contact with you to answer any questions and let you know what to expect moving forward.
We like to stay in touch with you post settlement of your loan to ensure you understand where to bank rents, from where to pay interest and from where to pay other expenses etc. We want to know that your expectations have been met and that your loan accounts are doing what they’re supposed to be doing and help you to remedy things as applicable.
With multiple ‘touch points’ over the first 12 months of your investment loan (and beyond) we are able to partner with and mentor you in this important part of your property investment journey. If things work smoothly you will feel more comfortable and be well prepared to take advantage of the next investment property purchase as it becomes available and timing is right for you.