Bank statements

Bank statements

Proving income through bank statementsIn addition to income declaration, some lenders may require copies of bank statements as a form of income verification, in order to assess your eligibility for a low doc loan. The period of statements varies with each lender. However, usually it is between 1- 6 months.

What are lenders looking for?

  • Account conduct e.g. have you overdrawn your account?
  • Undisclosed debts e.g. credit cards, Flexirent or other mortgages.
  • Turnover – if you have declared an income of $50,000, however in 6 months you only have a turnover of $5,000, this will be a cause for concern.
  • Lenders want one statement received in the mail plus a transaction history for the remaining period. This is because transaction histories usually don’t state your name or address and thus must be verified by matching with a hardcopy statement.
  • For more information on to apply for a low doc loan with bank statements, speak to our expert brokers who can help you get approved!