Declare dependent child on if solo loan and partner works?

Hi all,

I tried a search but couldn't figure out the best search terms so thought I'd ask here. If I'm thinking about refinancing a loan with another lender, do I need to declare my child as a dependant? The situation is:

1) PPOR loan in my name, I am on a good salary
2) Wife I live with in the house works, and we use her income to pay for all the schooling, food etc. related to our 1 child
3) Wife will not be on the loan at all (trying to keep her ability for a future loan pristine, hence the solo and not joint loan)

I feel like my child is not financially dependent on me, but obviously lives in the house where I pay the mortgage so that is the issue. I want to refinance to the maximum possible without including my wife on it hence would prefer not to list my child as a dependant.

Any tips or experiences are appreciated!

EDIT - stuffed the title sorry, and can't edit it. The loan is PPOR

 

You would still need to declare your child in the application but what you can look at is go with a lender that has common debt reducer policies so that they can calculate your living expenses based on 1 adult versus 2.

Also, if you have joint liabilities, they can be assessed based on an apportioned repayments compared to 100% repayments to yourself.

 

Can’t be a real comment?

 

Some lenders will be better for this than others, in terms of serviceability

 

Yes ..need to disclose...regardless

 

Thanks all