Applying For A Loan

What you need

To apply for a home loan you should fill out a mortgage application form that will ask you for details about your income, credit and savings. Laungani Finance will have these. The application helps determine if you qualify for a loan and measures your debt ratio, an important part of working out how much of a house you can afford.

The type of documents you need for your application include:

•  Personal identification: e.g., passport, drivers license, birth certificate.
•  Property information: e.g., Contract of Sale.
•  Financial information: e.g., cheque account and savings statements.
•  Liabilities: e.g., loan and credit card statements.
•  Income: e.g., group certificates, payslips, tax returns.
•  Expenses: e.g., rent payments, electricity bills.

What happens next?

Laungani Finance will submit your application for assessment and then notify you as soon as we hear back from the lender. When your loan is approved, you will receive a letter of offer, which is a legal contract outlining the terms and conditions of your loan.

Once the exchange of contracts is complete, your loan will be drawn down, paying out the previous owner and any taxes and fees.

Loan repayments begin on the chosen repayment date after settlement, according to whether you have selected weekly, fortnightly or monthly repayments.