Preparing Submission Notes for Home Loan Applications
Submission notes are the broker opportunity to tell the file story before the assessor reads the raw documents. Clean notes reduce queries, speed up approval, and present the client professionally.
Structuring the notes logically
A well structured submission note follows a consistent order: applicants, income, expenses, liabilities, asset position, funding position, and loan purpose. Under each heading, present the numbers and then the explanation. Assessors read dozens of files a day and a predictable structure saves them time.
Explaining income cleanly
For each applicant, list the income components and how they have been calculated. Include references to the supporting documents by name. For self employed income, explain the structure and the add backs applied. For variable income, explain the shading and the averaging period used.
Addressing discrepancies and red flags
Proactively address anything that might concern an assessor. Large transactions, recent credit enquiries, income variations, employment changes, and bank statement issues should all be explained in the notes before the assessor has to ask. A prepared answer reduces queries significantly.
Keeping the tone professional
Submission notes should be factual and neutral. Avoid marketing language or opinions about the borrower character. Stick to facts, figures, and explanations. The goal is to make the assessor job easy, not to sell the file.
Key takeaways
- ✓Follow a consistent structure across every file
- ✓Reference supporting documents by name
- ✓Address discrepancies and red flags proactively
- ✓Keep the tone factual and neutral
How QualifyMate helps
QualifyMate generates standardised submission notes from the documents provided, pulling income, liabilities, and red flags into a format brokers can review and submit directly to lenders.
Key terms
Responsible Lending
The legal framework under the National Consumer Credit Protection Act requiring lenders and brokers to assess whether a loan is not unsuitable for the borrower.
Serviceability
A lender assessment of whether a borrower can meet loan repayments from their income after accounting for expenses, existing debts, and a buffer.
Related guides
Spotting Income Discrepancies Before Submission
A practical guide to catching income discrepancies on mortgage files. Cross checks between payslips, bank statements, and tax returns.
Identifying Undisclosed Liabilities Before Submission
How to identify undisclosed liabilities on Australian home loan applications. Cross checks between credit reports and bank statements.
Processing Joint Home Loan Applications
A practical workflow for processing joint home loan applications. Name reconciliation, document allocation, and combined income strategies.
Verifying Self Employed Income for Home Loan Applications
A workflow for verifying self employed income on mortgage files. Documents to collect, structures to understand, and assessments to run.
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