In this section, you will be asked to select any liabilities you have. This can include:
- Credit Cards: A payment card you use to purchase goods and services, that you repay after you’ve made your purchase and may incur interest payments
- Personal Loan: A personal loan allows you to borrow a specific amount of money to pay for something. This is paid back with interest by a set date.
- HECs/HELP: Australian Student Loan that you make regular repayments to.
- Lease: You rent an asset for a set period of time, as an alternative to purchasing the asset.
- Car Loan: A personal loan you have to purchase a vehicle.
- Hire Purchase: You are paying for an asset over time while you have use of it.
- Line of Credit: You have a pre-set borrowing amount with a financial institution that can be used, repaid and used again.
- Term Loan: You have a loan from a bank for a specific amount that has a set repayment schedule with a fixed or floating interest rate to be repaid on top of that balance.
- Store Card: You own a credit card that for a store and that can be used to buy goods at that store.
- Overdraft: You can withdraw more than the total you currently have in your bank account.
- Outstanding Taxation: You owe tax to the government
- Commercial Bill: You have a commercial loan on an interest-only basis, or a principal and interest basis.
- Loan as Guarantor: You are a guarantor for someone else’s loan. This means you have agreed to repay the borrower’s debt should the borrower default on agreed repayments