What are the requirements for a mortgage application?

When applying for a mortgage through Bendigo Bank, there are several key requirements that potential borrowers should be aware of. First and foremost, applicants need to provide proof of income, which typically includes recent pay slips, tax returns, and financial statements if they are self-employed. This documentation assists in assessing the applicant's ability to repay the loan. Furthermore, Bendigo Bank will evaluate the applicant's credit history. A good credit score can improve the chances of approval and may influence the interest rate offered. Additionally, applicants should have a clear understanding of their current financial obligations, as lenders will review existing debts to ascertain the applicant's overall financial health. Another important requirement is a deposit, which is generally expressed as a percentage of the property’s purchase price. A larger deposit may lead to more favorable loan terms. Applicants must also have identification documents ready, such as a driver's license or passport, to verify their identity. Lastly, it is beneficial for applicants to prepare any information regarding the property they wish to purchase. For more detailed and specific requirements tailored to individual situations, visiting Bendigo Bank’s website may provide the most current information and guidelines.