Car Allowance

Viewing 5 posts - 1 through 5 (of 5 total)

magic32
Participant
@magic32
Join Date: 2005
Post Count: 49
July 9, 2014 - 6:19 pm
Is car allowance usually counted towards borrowing capacity or is it just the base salary that counts?
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
July 9, 2014 - 8:45 pm
Not usually as it’s assumed the money would be spent on the vehicle. However, there’s always exception to the rule so you might find a lender to consider.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Corey Batt
Participant
@cjaysa
Join Date: 2012
Post Count: 1,010
July 10, 2014 - 7:28 pm
How is the allowance paid? Some lenders will accept 5-6k car allowance per annum if it meets their criteria.
- This reply was modified 10 years, 8 months ago by Corey Batt.
Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
July 10, 2014 - 10:10 pm
If it does not increase your borrowing amount it will reduce your living allowance expenses which nets out to be positive going forward.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
July 29, 2014 - 1:29 am
Will be accepted by some lenders accompanied with a letter from the employer stating the amount and purpose of allowance.
Colin Rice | CDR Finance
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Perth Based Mortgage Broker - Investment Property Finance Specialist | E: crice@cdrfinance.com.au