Correcting income and expense information after submission of loan application

Can you correct income and/or expense information after submitting a loan application and the lender provides preliminary feedback? Just found out that the rental income appraisal letter and one of the expense component were incorrect. Keen to hear whether anyone has experience with this type of issue (I assume this is not an uncommon scenario for brokers who work with many borrowers). TIA

 

Yes

 

Thanks @Terry_w , would the lender (Macquarie Bank in this case) scrutinise the application if both correction results in stronger borrowing power? Or are they OK as long as there are documents to provide this. Made the mistake of submitting an old rental income appraisal letter and incorrectly recorded an expense number in the wrong line/section.

 

They might be suspicious but it may have dates to show it as a mistake so I wouldn't worry too much

 

It's very unlikely that they'll accept a newer rental appraisal letter. Lenders err on the side of caution. When provided with two figures for anything, they'll choose the more conservative, sometimes even when there's evidence to the contrary. The same with living expenses.

Keep in mind that a new rental appraisal letter showing an extra $20 a week isn't going to materially change anything. If your application is coming down to these sorts of margins you're already in a lot of trouble.

If the existing application is going to get you what you need, then I'd leave it in place.

 

It's pretty uncommon actually.
How tight is servicing for this deal? If it's the difference between a decline and an approval then I think it could be hard for them to overturn the information already provided.
However if there's lots of surplus borrowing capacity then it may not even matter enough to make a difference.

 

Swapping rental appraisals will be tricky.
Adjusting expenses with commentary should be ok if the reason makes sense.