NIB's Advance Limits Q

[BobSleigh]

I'm a little confused about NIB's advance limits on their LTV offering, on their site one of the conditions states

Borrowing is subject to 40% of net income being available to meet other capital and interest loan repayments, and is subject to a 2% interest sensitivity test.

Does this mean that your repayments (if you get the loan) must be no more than 60% of your Net Income?

Thanks

 

[marksa]

I'm a little confused about NIB's advance limits on their LTV offering, on their site one of the conditions states

Borrowing is subject to 40% of net income being available to meet other capital and interest loan repayments, and is subject to a 2% interest sensitivity test.

Does this mean that your repayments (if you get the loan) must be no more than 60% of your Net Income?

Thanks

I would guess it means max of 40% of your income to be repayment