Why does a bank need a letter from your lender?

Many banks require a statement for all of your debts when you apply for a home loan but few lender issue statements for their loans.

The simplest way to get around this problem is to ask your lender to fax a letter to your mortgage broker confirming that the loan has been paid on time.

Home loan repyment letter template

You can ask your lender to use this sample letter as a template. All they need to do is copy it onto their letterhead, amend the details, print, sign and fax to your mortgage broker.

1/1/2018

To Whom It May Concern:

Re: John Smith

We confirm the following details regarding John Smith’s loan with us:

  • Account number: 66828915
  • Balance owing: $20,340
  • Monthly repayments: $300 / month
  • The loan is not in arrears
  • The loan has been paid on time during the last 6 months.

Should you require any additional information please do not hesitate to contact us on 02 0000 0000.

Regards,

(SIGN)

Jason Biggs
Customer Service
ABC Pty Ltd.

If you’re using Home Loan Experts to arrange your loan, please ask your lender to fax the letter to us.


Bank requirements for loan history letters

Australian lenders have strict requirements for home loan repayment letter templates.

They often ask for a letter to be amended if it doesn’t meet their requirements.

Your repayment history letter should be:

  • On a company letterhead including contact details and the lenders ABN.
  • Dated
  • Signed
  • Contain the name of person who signed the letter
  • Contain the account number, name of the borrower, loan amount, repayment amount, that the loan is not in arrears and that the payments have been on time during the last 6 months.
  • In some cases a payout figure will be required, however this is usually for fast refinances or settlements, and so is not required when applying for your loan. Include any accrued interest, exit fees and break fees for fixed rate loans.

Most lenders will accept a fax copy however some will require your mortgage broker to hold the original on file.


Do you need help with your home loan?

If you need the services of a mortgage broker to get your loan approved then, talk to us!

Please call us or enquire online to speak to one of our experienced staff.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

pin_drop

Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.

monetization_on

Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.

thumb_up

We get tough loans approved

We can help you navigate the often complex pre-approval and application process.

favorite

Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

enquiry form icon
1

Complete our free assessment form or call us.

lender search icon
2

We assess your situation.

panel of lenders icon
3

We look at all the options from our panel of lenders.

recommended deal icon
4

We will find you the most suitable home loan deals.

Testimonials for Home loan experts

4.7

from 300+ reviews

4.8

from 250+ reviews

4.8

from 600+ reviews

Facts
about us

50+

lenders on
our panel

$4B+

lent Australia-wide
and counting

Westpac Logo
ANZ Logo
NAB Logo
AMP Logo
Adelaide Bank
Firstmac Logo
CommonwealthBank Logo
St.george Logo
ING logo
Homeloans Logo
Macquare bank logo
Suncorp logo
pepper money logo
mebank logo
bankwest logo
75%

of our borrowers get
approved with a major bank

95%

of our borrowers get a discount
below the bank standard variable rate