Yes! You can use AI to fill out Customer Information Form - Fact Find

Applicants often enter their net (take-home) pay in the 'Base Salary' field because it's the figure they are most familiar with. However, lenders require the gross (pre-tax) income to assess borrowing capacity accurately. This mistake understates the applicant's true income, potentially leading to an incorrect serviceability assessment and a lower loan offer or even a rejection. To avoid this, always refer to your official employment contract or the year-to-date gross earnings on your payslip. AI-powered form filling tools like Instafill.ai can also help by providing clear guidance on such fields to ensure correct data entry.

In the 'MONTHLY EXPENSES' section, people tend to significantly underestimate their spending on categories like 'Groceries' and 'Recreation and Entertainment'. They often input idealized figures rather than actual costs, which lenders can easily disprove by checking bank statements. A major discrepancy between declared expenses and actual spending is a significant red flag that can lead to the application being denied. To avoid this, analyze at least three months of bank and credit card statements to calculate a realistic average for each category before filling out the form.

The form requires a three-year employment history, but applicants often forget short-term jobs or provide inaccurate start/end dates, creating unexplained gaps. Lenders require a continuous history to verify stable income, and any gaps will halt the application process until they are clarified and documented. This can cause significant delays and frustration. Before starting, gather old payslips, tax returns, or resumes to piece together an accurate timeline of your employment for the last three years.

Applicants frequently omit smaller debts like store cards, buy-now-pay-later services (e.g., Afterpay), or their HECS/HELP student loan, even though it's explicitly listed. This is often an oversight rather than intentional deception. However, all debts will be revealed during a credit check, and undisclosed liabilities can lead to an immediate loss of trust with the lender, application delays, or outright rejection. To prevent this, compile a complete list of all debts, including their limits and balances, before you begin.

A common data entry error is entering a weekly or fortnightly income amount (e.g., for overtime or commission) but selecting 'Monthly' as the 'Income Frequency'. This simple mistake drastically inflates the applicant's income on paper, leading to an incorrect serviceability calculation. The error will be caught during income verification, forcing the application to be reworked and causing significant delays. Always double-check that the income amount you enter corresponds to the frequency period you select for that income type.

The form explicitly states the 'LOAN OBJECTIVES NARRATIVE' section 'MUST be completed'. Despite this, applicants often leave it blank or provide a vague, one-word answer. This section is critical for the broker to understand your needs and recommend a suitable loan product, which is a legal requirement. An incomplete narrative will cause the form to be returned for more information, delaying the entire process. Be specific about your goals, for example, 'Refinancing to a lower fixed rate to reduce monthly repayments and save on interest over the life of the loan'.

For each item in the 'CURRENT ASSETS' and 'CURRENT LIABILITIES' tables, the applicant must tick a box to assign ownership to 'App 1' or 'App 2'. It is very easy to fill in the financial details and forget to tick these boxes. This missing information is critical for the lender to understand the financial position of each applicant, and the broker will have to follow up to get it, delaying the submission. To avoid this, carefully review each row and ensure an ownership box is ticked for every single asset and liability.

Applicants often copy the same figures from the 'Current' expenses column to the 'Post Settlement' column without making adjustments. This provides an inaccurate picture of their future financial situation, as major expenses like rent will cease once they purchase a property. Lenders need to see that you have considered how your budget will change. Failing to adjust these figures can lead to questions about your understanding of the financial commitment. Carefully consider and update the 'Post Settlement' column to reflect your new financial reality.

The form requires previous addresses with 'From' and 'To' dates, but people often struggle to recall exact dates, leading to gaps or overlaps in their residency timeline. Lenders use this information for identity verification and credit checks, so an incomplete or inconsistent history can be a red flag that causes delays. Before filling out the form, use old utility bills, rental agreements, or bank statements to confirm your address history. If the form is a non-fillable PDF, tools like Instafill.ai can convert it into an interactive version, making it easier to input and review this detailed information.

In the 'CURRENT LIABILITIES' section for credit cards, applicants sometimes enter the current 'Balance' owing in the 'Limit' column, or vice-versa. Lenders assess risk based on the total credit limit available, not just the current balance, as the applicant could max out the card at any time. Confusing these two figures provides an inaccurate financial snapshot and will require correction, delaying the application. Always ensure you enter the total approved card limit in the 'Limit' column and the current amount owing in the 'Balance' column.