It’s a question you’ve probably thought, but never asked.
Maybe we’ve emailed you for more information on something and you’ve rolled your eyes, wondering why we need to know more when you’ve already shared so much.
Don’t worry, you’re not alone in thinking that way… but there is reason for it.
Matching your plans for the future
Chances are, you’re looking to borrow a large sum of money. You’ve got plans and dreams – but we want to make sure that your loan suits your needs both now and in the future.
We have your best interests in mind and want to make sure we’re helping you achieve your goals in a sustainable way – not checking all the boxes and loading you up with debts that cannot be paid.
Making sure fraudulent applications don’t fall through the cracks
We all know that a few bad eggs can spoil things for everyone, but one of the main reasons brokers ask so many questions is to ensure your application is honest and accurate.
Brokers can face claims against them if they submit inaccurate documentation, regardless of whether falsities are the brokers’ intention, a mistake or the result of a client’s dishonesty.
This is why your broker will ask you for:
- Proof of identification
- Income details
- Information on your saving and spending habits
- Previous employment
- Information on your dependants
- Any lawsuits you may be involved in
- Whether you’ve filed bankruptcy
- Your previous addresses
These are just some of the things you can expect to be asked for – and sometimes you might be asked twice, by the broker and the lender.
The process may seem frustrating and filled with paperwork, but requestioning and cross checking is a normal procedure followed during loan applications.
While it may feel like your broker has mishandled your answers or that some of the questions are not relevant – ‘what was your previous address six years ago?’ – requestioning and cross checking is a normal procedure followed during loan applications.
Just think, if you were going to lend a large sum of money to a stranger (or even a friend), wouldn’t you be asking a lot of questions first? You’d want to confirm they were who they said they were and that they had the ability to pay back the amount in question. All of the information your broker receives from you is then passed onto the lender in full, allowing the lender to make an informed and ethical decision regarding how much money they will loan.
Got questions for us? We’re always happy to answer them. Contact our team on firstname.lastname@example.org or give ua a call on (02) 9095 6888