australian mortgage banking finacial Calculations finding LMI and using glenworth calcualtor

Reference ID:5a82f203a1652200010216e8

Loan details

Loan amount: $410,792.00 Security value: $450,000.00

Loan term (in months): 360 LVR: 91.29%

Actual rate: 4.78%

Repayment type: Principal and interest Interest-only period (in years): 0

Applicant details

Applicant type: Individual Number of applicants: 2

Applicant 1

Applicant name: Clinton

Marital status: Couple Joint with applicant: 2

Number of dependants: 1 Residential suburb: EAST HILLS

Residential postcode: 2213

PAYG --------------------------------------------------------------------------------------------------------------------------------------- Income type: Gross Frequency: Annually

Base income: $75,000.00

Rental income calculation --------------------------------------------------------------------------------------------------------------------------------------- Rental income 1 Rental type: Standard

Amount: $11,700.00 Frequency: Annually

Ownership: 50.00%

Amount of investment loan: $410,792.00 Amount of interest add-back: $10,372.50

Total rental income: $5,850.00

Non-taxable income --------------------------------------------------------------------------------------------------------------------------------------- Non-taxable income: $0.00

Total net income: $64,221.91

Applicant 2

Applicant name: Stephanie

Marital status: Couple Joint with applicant: 1

Number of dependants: 1 Residential suburb: EAST HILLS

Residential postcode: 2213

PAYG --------------------------------------------------------------------------------------------------------------------------------------- Income type: Gross Frequency: Annually

Base income: $74,000.00

Rental income calculation --------------------------------------------------------------------------------------------------------------------------------------- Rental income 1 Rental type: Standard

Amount: $11,700.00 Frequency: Annually

Ownership: 50.00%

Amount of investment loan: $410,792.00 Amount of interest add-back: $10,372.50

Total rental income: $5,850.00

Non-taxable income --------------------------------------------------------------------------------------------------------------------------------------- Non-taxable income: $0.00

Total net income: $63,566.91

Total net income for all applicants: $127,788.83

Commitment

Actual living costs:$3,200.00 HEM living costs:$42,637.40

Total credit card limits:$8,000.00

Total Commitments: $36,675.25

Genworth serviceability calculation

Genworth NDI ratio:2.32:1

Net disposable income:$85,151.00 Assessment rate:7.3%

Maximum loan amount:$1,000,035.00 Monthly repayment:$2,816.27

Actual rate serviceability calculation

NDI ratio:2.97:1 Actual interest rate:4.78%

Maximum loan amount:$1,309,744.00 Monthly repayment:$2,150.32

Note: Genworth serviceability calculation is based on the Genworth assessment rate or the actual rate plus a buffer of 2.25%, whichever is the higher.

Disclaimer: Important - This Serviceability Calculator was prepared by Genworth Financial Mortgage Insurance Pty Limited (Genworth) to provide you with an indication only as to whether a loan application may meet Genworth servicing criteria. It sets out the methodology by which Genworth arrives at this conclusion. It is provided to you on the basis that you acknowledge that: You are not relying on this Serviceability Calculator when determining a customer's loan serviceability, credit worthiness or whether the loan is 'not unsuitable' in any respect as part of the credit approval process. This Serviceability Calculator does not take the place of your own credit policy, prudent lending guidelines or your responsible lending obligations under the law. A positive outcome under this Serviceability Calculator does not guarantee that your own credit policy and lending guidelines will have been met or that you have complied with your responsible lending obligations and does not constitute any representation or warranty on the part of Genworth that the loan applicant represents an acceptable credit risk for the customer. You are responsible for ensuring that you comply in all respects with the National Consumer Credit Protection Act when considering the loan application and entering into the loan. Genworth reserves the right to determine whether or not it is prepared to grant insurance in respect of a loan application irrespective of whether a positive indication is provided by the Serviceability Calculator.

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