Tue, 2008-04-15 10:12 — Guest

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.