This should be the first and very important question that we have to ask ourselves and mortgage broker, 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.
Call us today, if you would like to discuss in details…
☎️ 0433 589 626
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