Effective 14th November most lenders now require greater assessment in regards the client's ongoing requirements & objectives including in most cases a declaration. An example of the types of queries clients will now be asked to complete include:

Examples of Foreseeable Changes which may adversely impact the applicant's ability to meet their loan repayments include: a change to employment which may result in reduced income; parental or other extended leave; an upcoming bullet or balloon repayment for an existing loan; an interest only, no repayment or honeymoon interest rate period for an existing loan ending.

Does the applicant anticipate or plan any significant changes to their financial situation that would ADVERSELY impact their ability to meet their loan repayments?

"Special Circumstances" refers to circumstances other than those covered by the questions in the application on marital/ spousal status, number of dependants under 18 years and post-settlement residential address. Examples of special circumstances which may impact on living expenses include: children in private schools; dependants (i.e. persons financially reliant on the applicant) who are 18 years or older, other than a spouse; dependants with health issues, disabilities or special needs. Living in a remote location or the number of dependents under the age of 18 is not relevant as to whether there are "special circumstances"

If the applicant is >= 45 years, at what age is the applicant planning to retire?

How is the applicant planning to pay off this loan once they retire (voluntarily or due to circumstances which arise)?