Questions a Lender Will Ask You and What You Should Prepare For - How much do you spend?

The lender may ask for three to six months of bank statements for your transactional accounts so they can identify incomings and outgoings.


You may also need to provide copies of utility bills, and any other household costs, including phone bills, internet bills, gas, water, and rates bills.

Credit card statements for the past three months to be able to verify your "actual” living costs, so in the months leading up to beginning this process you have an opportunity to get those finances in order.

Do you pay school fees? Regular vet bills?

All of these will need to be accounted for with clear documentation.

Don’t forget any insurance premiums you pay, along with private health insurance.

Lenders use different metrics to validate your expenses, the key is that these are realistic, so a lender can see what your income is.
Firstly, your living costs secondly and then be able to apply the balance of your disposable income towards your debt servicing.


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Jason Gwerder
Monday, 21 June 2021

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