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Expenses
expenses are considered against income on all loan applications. Lenders will generally separate ‘essential/regular’ living expenses (ie. food, transport, utilities) and ‘non-essential’ expenses (ie. Private health insurance or private school fees) and assess them to their policies.
Yes, rent falls under an expense when completing a mortgage application.
Learn MoreLiving expenses include; Housing Expenses, Food And Groceries, Transportation, Healthcare Costs, and Clothing.
Learn MoreLenders use the Household Expenditure Method (HEM) based on your family size and income because it is considered unreasonable for someone to spend less than HEM each month.
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