mt9754 Posted January 7, 2021 Share Posted January 7, 2021 We currently still have a house in the UK with tenants. When companies in Australia ask for income and debt information (for example when applying for a CC) should we declare these? I’m thinking maybe not because it’s in a different currency and it won’t show on my Australian credit report so might bamboozle them. What do others do on here? Quote Link to comment Share on other sites More sharing options...
mt9754 Posted January 7, 2021 Author Share Posted January 7, 2021 I spoke to a broker a bit earlier today and it seems the best approach is to do it over the phone so you can explain your personal circumstances and then the person at the other end can decide what is relevant and how to fill in the boxes :-). Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 7, 2021 Share Posted January 7, 2021 21 minutes ago, mt9754 said: I spoke to a broker a bit earlier today and it seems the best approach is to do it over the phone so you can explain your personal circumstances and then the person at the other end can decide what is relevant and how to fill in the boxes :-). Hmmm, in other words, tell the truth to the consultant, and let them decide whether to be honest on the form, or fudge the figures so they can sell you a bigger loan. Since you still have to sign or certify that the information on the form is true and correct, I think that's a risky option. If you get found out, then you've lied on your application which means your loan is in default, and they can repossess your property. I wouldn't want to risk losing my house, for instance. 1 Quote Link to comment Share on other sites More sharing options...
mt9754 Posted January 7, 2021 Author Share Posted January 7, 2021 It's so true :-). To ensure this doesn't happen, make sure you ask the agent to leave notes on the application. You normally can't leave notes if you apply yourself on the website. Quote Link to comment Share on other sites More sharing options...
Parley Posted January 7, 2021 Share Posted January 7, 2021 1 minute ago, mt9754 said: It's so true :-). To ensure this doesn't happen, make sure you ask the agent to leave notes on the application. You normally can't leave notes if you apply yourself on the website. Why do you need notes ? If you have overseas expenses they are still commitments and should be added on the form. It is not a question of bamboozling anyone, it is honestly filling in your total income and total expenses. It shouldn't make much difference whether it was a local rental property or an overseas one unless the bank is going to want a buffer for exchange rate fluctuations. 2 Quote Link to comment Share on other sites More sharing options...
mt9754 Posted January 7, 2021 Author Share Posted January 7, 2021 Just now, Parley said: Why do you need notes ? If you have overseas expenses they are still commitments and should be added on the form. It is not a question of bamboozling anyone, it is honestly filling in your total income and total expenses. It shouldn't make much difference whether it was a local rental property or an overseas one unless the bank is going to want a buffer for exchange rate fluctuations. It's more things like: - Provide 3 years of address - the form doesn't allow you to type in international addresses - What is your income? - typically they prefer you to use the number on your payslip and leave notes for other forms of income - Are you renting or do you own? - typically they want your situation in Australia and will leave notes if you own in the UK Quote Link to comment Share on other sites More sharing options...
Parley Posted January 7, 2021 Share Posted January 7, 2021 If you are just applying for a credit card as you say in your 1st post, or other things like mobile phone contracts etc, I would probably ignore the overseas stuff (if it was me). Credit Cards are unsecured anyway. If you are talking about buying a house in Australia then declare everything. Why do you need a broker to apply for a credit card ? 2 Quote Link to comment Share on other sites More sharing options...
mt9754 Posted January 7, 2021 Author Share Posted January 7, 2021 Just now, Parley said: If you are just applying for a credit card as you say in your 1st post, or other things like mobile phone contracts etc, I would probably ignore the overseas stuff (if it was me). Credit Cards are unsecured anyway. If you are talking about buying a house in Australia then declare everything. Why do you need a broker to apply for a credit card ? Personal Loan Quote Link to comment Share on other sites More sharing options...
AJ Posted January 7, 2021 Share Posted January 7, 2021 Don’t know about Cc applications but should be declared to the ATO as income 2 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 7, 2021 Share Posted January 7, 2021 (edited) 26 minutes ago, mt9754 said: - Are you renting or do you own? - typically they want your situation in Australia and will leave notes if you own in the UK The question "are you renting or do you own?" refers only to the property you're living in. If you own in the UK, that's an investment property so it would go in a different section (if they ask about investments). Edited January 7, 2021 by Marisawright 1 Quote Link to comment Share on other sites More sharing options...
Tulip1 Posted January 7, 2021 Share Posted January 7, 2021 (edited) 2 hours ago, mt9754 said: Personal Loan Why for a personal loan? Surely it’s just a quick application. If going through your bank you’ll probably do an online application in minutes and if approved the funds would be in your account immediately. I’ve never heard of anyone using a broker for a personal loan. I agree with Marisa, if you’re in a rental put you are renting, if a home owner put as such. The property overseas is an investment so I’d not mention that unless it’s an in-depth application such as a mortgage where you include everything and those questions will come up anyway. Edited January 7, 2021 by Tulip1 Quote Link to comment Share on other sites More sharing options...
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