FinanceConnect | Application - Income and Assets

Introduction

The Income and Assets tab is where you enter in all of your applicants financial details. These details cover the Income, Expenditure, Assets, Liabilities and Other Fixed Monthly Commitments your applicant has.

At the bottom of each section within Income and Assets, a Total amount will automatically populate based on the information added into each section.

Instructions

Income

In the Income section, you will need to enter the Net Monthly Amounts for:

• Primary Income
• FAS/Pension Income (if applicable)
• Investment Income (i.e. Property if received as an income)
• Second Job Income
• Other Income

Expenditure

For Expenditure, you will need to enter the applicable Creditor and Monthly Amounts for:

• Mobile Phone 
• Electricity (Their amount if this is a shared expense)
• Groceries (Their amount if this is a shared expense)
• Water (Their amount if this is a shared expense)
• Rates (Their amount if this is a shared expense)
• Vehicle Costs 
• Fuel
• Tolls
• Child Care (Their amount if this is a shared expense)
• School Fees (Their amount if this is a shared expense)
• Private Health Care (Their amount if this is a shared expense)
• Entertainment 
• Clothing/Shoes Etc

There is a checkbox that needs to be ticked if your applicant splits the cost of Mortgage/Rent/Bond with someone else i.e. Partner, Family etc.

• Mortgage/Rent/Bond
• Investment Mortgage
• Other Mortgages
• Insurances (Their amount if this is a shared expense)
• Credit Card Payments
• Other Loans
• Other
• Other Commitments

Assets

For Assets, these are the total value of the assets, even if the applicant shares these assets with another party. Enter the applicable values for:

• Owner/Occupier Home Value (Estimate based on current market value)
• Investment Property Value (Estimate based on current market value)
• Business Value (Estimate based on current market value)
• Cash At Bank
• Motor Vehicles (Estimate based on current market value)
• Household Effects (Estimate based on depreciated value)
• Super/Shares
• Other

Liabilities

The Liabilities myuch like Assets, are the total values regardless of whether your applicant shares the associated Assets with another party. Enter the values of Creditor and Outstanding Balances for:

• Mortgage Owner/Occupier (As of day of application)
• Mortgage Investment Properties
• Business Loan
• Other Loans
• Credit Card 1 & Limit
• Credit Card 2 & Limit
• Other

Other Fixed Monthly Commitments

This section is for financial commitments the applicant is responsible for, that could not be covered in any of the Other fields above. If the details of a commitment was entered into the Other fields in the all of the other sections, do not enter it here as it will double up the information.