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Your assets and expenses

Financial dependants

This is a person that relies on you for financial support. Commonly, dependants will be living with you, like your children, a relative or parent that you care for. Dependants can be over 18 years of age and still be dependent on you.

Fixed and variable expenses

Fixed expenses are things that stay the same each month. Phone bills, subscription services, utility bills, car registration, child care and insurance are common examples.

Variable expenses are things that can fluctuate each month.

You should include items like groceries, fuel, car maintenance as well as your discretionary expenses such as entertainment. Don’t include your rent, mortgage, loans, or credit cards here because we’ll ask for that separately.

Credit cards

Is 'paying out' and 'closing' my credit card the same thing?

Paying out your credit card means that you intend to pay down the balance to $0 but leave the credit card open. This allows you to use the card again in the future.

Closing your card means that you wish to pay it down to $0, as well as close the account so that you cannot use it again.

Should I include the credit cards I intend to consolidate in my application?

Yes, you should definitely include all of your existing cards when you apply, and remember to tick the box if you’re intending to pay it out or close it altogether. That way, we’ll know that you won’t have to make repayments on your old cards anymore.

Joint assets or loans

You should include the total amount outstanding for any joint loans you have, as well as the total value of the related assets, even if you are only responsible for a portion of loan repayments. However, if you do only contribute to a portion of any loan repayments, just include your share rather than the full amount.

For example, you own a house with your partner. It’s worth $500,000 and you have a mortgage of $400,000 against it. The monthly repayments for that loan are $2,000, to which you only contribute $1,000. Use the following as a guide to complete your application.

  • Repayments: Declare $1,000 per month as your contribution to loan repayments.
  • Assets: Declare the full value of the asset, in this case $500,000.
  • Liabilities: Declare the full outstanding liability, in this case $400,000.

If you need to discuss your specific situation, send us an email at

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