Boost Your Home Buying Power: Simple Tips to Increase Borrowing Capacity
If you’re looking to buy a home, here are two simple steps that can drastically increase your borrowing capacity. Firstly, if you have any credit facilities, pay them down and close them if possible. Facilities like credit cards and Afterpay can lower your borrowing capacity by up to 5 or 6 times the size of the facility. For example, if you have a $10,000 limit on your credit card, it could potentially decrease your borrowing capacity by $50,000 to $60,000, even if it’s paid up to date. Secondly, make sure you’re accessing a range of lenders. The difference in what a bank might be willing to lend could be as much as $100,000, even when assessed on the same income and circumstances. As brokers, we research our panel of up to 60 lenders to find the best option that works in your best interests, and we handle all the legwork for you. We manage the entire process. So, if you’d like some help in strengthening your borrowing capacity, please feel free to get in touch with us here at Stellar Finance Group.
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