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Liabilities

Tue, 2008-04-15 10:12 — Broker

The next group of information required for preparing a home loan application is the liabilities each applicant has.

These liabilities can be grouped into 2 parts, liabilities that will continue following settlement of a proposed home loan and liabilities that will cease following settlement.

For example a home loan applicant who is presently renting and is applting for a home loan to purchase a home to live in has a rent liability that will cease following settlement of the proposed loan.

Liabilities - specify the frequency such as weekly, monthly, annually etc.

  • Home Loan Repayments and total owing
  • Credit card limits and balances
  • Personal loan repayments and balace owing
  • Rent if continuing
  • Tax Liability
  • Child Maintenance
  • Car loan or lease
  • Business loans
  • Any other liabilities

Next the lender will need to see what assets are owned by the home loan applicant/s.




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