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Australian households have spent $4.4 billion on bank fees in 2016, up from $4.1 billion the previous year, new figures from the Reserve Bank have revealed.

Australian households have spent $4.4 billion on bank fees in 2016, up from $4.1 billion the previous year, new figures from the Reserve Bank have revealed.

The RBA’s annual Banking Fee Survey, released today, shows fee growth from credit cards slowed slightly in 2016 but stills remain the largest component of fee income from households with the increase attributed to the popularity of credit cards bundled with home loan packages.

There were also more examples of fees being charged, with some lenders no longer waiving fees for transferring a credit card balance to a new card provider.

Source and Read more at http://beta.9news.com.au/national/2017/06/15/18/49/australians-paying-billions-in-bank-fees#F28ib5qFWRov1j8A.99

 

LAXMIHOMELOANSLENDERS

What is my borrowing capacity ?

This should be the first and very important question that we have to ask ourselves, how much can I borrow? After the calculation is come in the fund and going out fund, we can get a clear picture and know how much you can borrow to purchase a property. While determining how much you can borrow banks and lenders mainly look at:

  • Credit card limits, Car loans, personal loans
  • Income and types of income e.g. full-time, part-time casual, contract,
  • The size of the loan compared to the property value ( LVR )
  • Number of dependents and their age
  • General living expenses, and
  • Existing asset position (Client contribution towards the loan)

 To increase borrowing power

  • Pay off ( or decrease ) and close any credit card & other current liabilities if possible
  • Start saving by decreasing miscellaneous expenses
  • Try to find the bank which does not calculate existing mortgage with same assessment interest in proposed loan.

 

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