What counts as income for Mortgages ?
Apr 22nd 2005, 1:15 pm
#1
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Location: Devon, UK
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What counts as income for Mortgages ?
Hi,
I just wanted to clarify a point about mortgages. I've been looking at a "How much can I borrow" mortgage calculator to see what sort of mortgage we could afford based on our income, expenses, etc.
We have 3 kids and it tells us with 3 dependants we should be able to get a mortgage of around $290K.
I started to play with the figures a bit and changed 3 dependants to 0 which then would allow a mortgage of $356K.
Now I'm not planning to get rid of my kids but they are costly little things
But my question is, as we have 3 kids we will qualify for Family Tax Credit, is this taken into account for a mortgage application or does it not count ?
In the UK Child Benefit does not count, but it isn't means tested either so I know there are differences. The reason is if I add in what we would probably get it brings the figure back up to about $350K.
Anyone have experience of this ? It will be in QLD.
Phil
I just wanted to clarify a point about mortgages. I've been looking at a "How much can I borrow" mortgage calculator to see what sort of mortgage we could afford based on our income, expenses, etc.
We have 3 kids and it tells us with 3 dependants we should be able to get a mortgage of around $290K.
I started to play with the figures a bit and changed 3 dependants to 0 which then would allow a mortgage of $356K.
Now I'm not planning to get rid of my kids but they are costly little things
But my question is, as we have 3 kids we will qualify for Family Tax Credit, is this taken into account for a mortgage application or does it not count ?
In the UK Child Benefit does not count, but it isn't means tested either so I know there are differences. The reason is if I add in what we would probably get it brings the figure back up to about $350K.
Anyone have experience of this ? It will be in QLD.
Phil
Last edited by Phil-UK; Apr 22nd 2005 at 1:17 pm.
Apr 22nd 2005, 1:26 pm
#2
Joined: Dec 2003
Posts: 7,834
Re: What counts as income for Mortgages ?
Originally Posted by Phil-UK
Hi,
I just wanted to clarify a point about mortgages. I've been looking at a "How much can I borrow" mortgage calculator to see what sort of mortgage we could afford based on our income, expenses, etc.
We have 3 kids and it tells us with 3 dependants we should be able to get a mortgage of around $290K.
I started to play with the figures a bit and changed 3 dependants to 0 which then would allow a mortgage of $356K.
Now I'm not planning to get rid of my kids but they are costly little things
But my question is, as we have 3 kids we will qualify for Family Tax Credit, is this taken into account for a mortgage application or does it not count ?
In the UK Child Benefit does not count, but it isn't means tested either so I know there are differences. The reason is if I add in what we would probably get it brings the figure back up to about $350K.
Anyone have experience of this ? It will be in QLD.
Phil
I just wanted to clarify a point about mortgages. I've been looking at a "How much can I borrow" mortgage calculator to see what sort of mortgage we could afford based on our income, expenses, etc.
We have 3 kids and it tells us with 3 dependants we should be able to get a mortgage of around $290K.
I started to play with the figures a bit and changed 3 dependants to 0 which then would allow a mortgage of $356K.
Now I'm not planning to get rid of my kids but they are costly little things
But my question is, as we have 3 kids we will qualify for Family Tax Credit, is this taken into account for a mortgage application or does it not count ?
In the UK Child Benefit does not count, but it isn't means tested either so I know there are differences. The reason is if I add in what we would probably get it brings the figure back up to about $350K.
Anyone have experience of this ? It will be in QLD.
Phil
we have just got a mortgage and the tax credit didnt come into the equation...unless the bank took it into consideration without us knowing
Apr 22nd 2005, 1:37 pm
#3
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Joined: Nov 2004
Location: Devon, UK
Posts: 198
Re: What counts as income for Mortgages ?
Originally Posted by biggy
Hiya
we have just got a mortgage and the tax credit didnt come into the equation...unless the bank took it into consideration without us knowing
we have just got a mortgage and the tax credit didnt come into the equation...unless the bank took it into consideration without us knowing
I guess if the bank does take it into account without you knowing that will already be calculated into their figures, so 290K ish for me.
Phil
Apr 22nd 2005, 1:42 pm
#4
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Re: What counts as income for Mortgages ?
Originally Posted by Phil-UK
But my question is, as we have 3 kids we will qualify for Family Tax Credit, is this taken into account for a mortgage application or does it not count ?
You have to tell them and show proof of the actual income figure.
Apr 22nd 2005, 1:51 pm
#5
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Re: What counts as income for Mortgages ?
Yep, we had to show proof of our (measly!) family allowance too
Apr 22nd 2005, 1:56 pm
#6
The Godfather
Joined: Feb 2004
Location: South East Suburbs of Melbourne
Posts: 7,336
Re: What counts as income for Mortgages ?
Originally Posted by hevs
Yep, we had to show proof of our (measly!) family allowance too
Apr 22nd 2005, 1:59 pm
#7
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Re: What counts as income for Mortgages ?
Originally Posted by Bordy
Hi Hevvers, its smashing to see you online again.
(bet you think ya funny dont'cha 
)
Apr 22nd 2005, 2:00 pm
#8
The Godfather
Joined: Feb 2004
Location: South East Suburbs of Melbourne
Posts: 7,336
Re: What counts as income for Mortgages ?
Originally Posted by hevs
Thank you hun, gald to be back, its been a cracking week (bet you think ya funny dont'cha )
(bet you think ya funny dont'cha )
Apr 22nd 2005, 2:03 pm
#9
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Re: What counts as income for Mortgages ?
Originally Posted by Bordy
Me funny, Noooooooo Just thought I'd bump this thread, You know what bump is. I luvs ya really.
PS. sorry to hijack the thread. Also be aware that if you have a credit card the credit limit (weather borrowed to or not) may be taken into account as a liability that goes against the amount you're trying to borrow
Apr 22nd 2005, 2:13 pm
#10
The Godfather
Joined: Feb 2004
Location: South East Suburbs of Melbourne
Posts: 7,336
Re: What counts as income for Mortgages ?
Should we run away & camp on Windy Hill then?
Poor Phil, hes gonna get a load of crap in his E mail. Ive already had a warning from someone about talking shit on a thread they started
Poor bugger woke up next day & had around 35 e mails about a reply to his thread, I'm sure Soapy had something to do with it to.
Poor Phil, hes gonna get a load of crap in his E mail. Ive already had a warning from someone about talking shit on a thread they started
Poor bugger woke up next day & had around 35 e mails about a reply to his thread, I'm sure Soapy had something to do with it to.
Apr 22nd 2005, 2:16 pm
#11
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Re: What counts as income for Mortgages ?
Turn the email thing off then divvy
Who had a go at you then?? Thread hi jacking is a skill that i excell in (sorry again 
)
Who had a go at you then?? Thread hi jacking is a skill that i excell in
(sorry again )
Apr 22nd 2005, 2:20 pm
#12
The Godfather
Joined: Feb 2004
Location: South East Suburbs of Melbourne
Posts: 7,336
Re: What counts as income for Mortgages ?
Originally Posted by hevs
Turn the email thing off then divvy
Who had a go at you then?? Thread hi jacking is a skill that i excell in (sorry again )
Who had a go at you then?? Thread hi jacking is a skill that i excell in
(sorry again )I was really worried & left another 20 replies before morning.
Apr 22nd 2005, 2:21 pm
#13
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Re: What counts as income for Mortgages ?
Originally Posted by Bordy
Can't remember, it was a few months ago but he virtually said if I replied one more time he was coming to Melbourne to punch my lights out.
I was really worried & left another 20 replies before morning.
I was really worried & left another 20 replies before morning.
Apr 22nd 2005, 3:29 pm
#14
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Thread Starter
Joined: Nov 2004
Location: Devon, UK
Posts: 198
Re: What counts as income for Mortgages ?
Originally Posted by Bordy
Should we run away & camp on Windy Hill then?
Poor Phil, hes gonna get a load of crap in his E mail. Ive already had a warning from someone about talking shit on a thread they started
Poor bugger woke up next day & had around 35 e mails about a reply to his thread, I'm sure Soapy had something to do with it to.
Poor Phil, hes gonna get a load of crap in his E mail. Ive already had a warning from someone about talking shit on a thread they started
Poor bugger woke up next day & had around 35 e mails about a reply to his thread, I'm sure Soapy had something to do with it to.
LOL
No, it's fine, all in good humor.
Thanks ABC and hevs, that good to know. Maybe I can afford a house with a pool now, yipee! I did notice that credit card bit too, I once entered about $5K for a credit limit on a CC and noticed that the total amount you could borrow on mortgage dropped by about $15K, 3 times the CC limit, ouch !!! How did they work that one out ? In the UK they look at your monthly payment rather than the limit.
I've decided, no CC's for me in OZ, probably safer that way anyway.
Thanks again.
Phil
Apr 22nd 2005, 3:34 pm
#15
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Re: What counts as income for Mortgages ?
PS. I'm off to find a hevs and bordy thread to hijack !!!
LOL
Phil
LOL
Phil