Q & A

Most banks pre approvals only last for 3 months before you are required to give the bank more information to extend the preapproval by which time the lender may have changed it’s lending criteria and you might not qualify again even if the loan amount and your circumstances have not changed.

For a full doc loan you are usually required to give the bank 2 years financials and 2 years tax returns and they take the average of the two years if there hasn’t been a big change or they take the lower amount if you are earning less in the most recent year. But their are some lenders that will only require you to give them 1 years financials and 1 years tax returns. If you don’t have any financials or tax returns you might qualify for a Low Doc Loan or an Alt Doc loan where the lender can accept things like BAS statements, Letter from the accountant and Bank statements. These loans have lower LVR’s usually 70% and under but sometimes higher and higher interest rates.

You might find it hard getting a Loan off one of the Major banks as you will not tick all their boxes but their are many lenders out there that deal with people that have credit impairments and will even lend to people who have only been a discharged bankrupt for 1 day so there is still hope for you.

Yes.