Get these ready and you'll hear back faster — often with better terms.
A well-prepared application is the fastest route to an approval — and often to better pricing. Lenders make decisions on the quality of the information in front of them, so the more complete your pack is on day one, the fewer rounds of questions stand between you and an answer.
The checklist
- Recent financial statements — profit and loss, and balance sheet
- BAS statements for the last four quarters
- Identification for all directors and guarantors
- A short summary of what the funds are for
- Details of the security being offered, including rates notices or titles
- Your exit strategy — how the loan will be repaid or refinanced
- A list of existing debts, limits and monthly repayments
Why the exit strategy matters most
Every lender — bank or private — wants to know how they get their money back. 'Refinance to a bank in 12 months' or 'sale of the property' are both fine answers, as long as they're realistic. A vague exit is the single most common reason an otherwise good deal stalls.
The bottom line
Spend an hour gathering these seven items before you apply and you'll save days of back-and-forth. If you're not sure what a lender will want for your specific situation, that's exactly what a broker is for.
