Lenders and mortgage brokers, like Tundra Mortgage Brokers are still open for business during this coronavirus. Your mortgage broker will still be able to find a loan product and lender that suits your needs and situation. Some lenders are being a little more cautious and monitoring some industries which may be currently impacted by COVID 19. Macquarie Bank, for example have identified a number of industries that they are more closely monitoring;
- Tourism
- Transportation
- Hospitality
- Retail
- Sports, arts and recreation
If your occupation is included in one of the above industries, the credit assessors will be confirming your employment and income directly with your employer, and they will be requesting payslips that are no older than 14 days. If you do not fit one of the above industry normal lending regulations will apply.
Other lenders are likely to move in a similar way to Macquarie Bank, for the above-mentioned industries as responsible lending practices apply and these industries have been the hardest hit with social isolation.
Using a Mortgage Broker – Any Changes?
One of the major changes to application processes from lenders due to social isolation, has been the way that mortgage brokers verify identification. Prior to COVID-19, a mortgage broker would be required to have a face-to-face interview with a new client and check appropriate identification such as; passport, drivers licence and Medicare card. Lenders understand that some customers will no longer be able to meet face to face and have therefore changed their practice. Bank of Melbourne, for example will now utilise electronic verification of identify for new bank customers and the ability to use video conference to verify identity. Therefore, proving ID is no barrier to a home loan application during the coronavirus.
Confused about the process or need some assistance?
Contact us today to walk you through the process to successfully apply for your home loan.