What’s my borrowing power? How much money can I borrow to buy a home?
❓❓❓ One of the most frequently asked questions when it comes to securing a home loan is how much can I borrow? Another way of looking at it might be how much can I afford comfortably in repayments each month.
✔ The answer of course is not a one size fits all. It depends on the lender’s policies and the applicant’s financial situation. Since everyone has a unique financial situation, brokers need to ask questions and gain some specific details about the applicant to answer this question.
⭐ However, there are some common factors and requirements that lenders will review which could provide some useful tips for you and maximise your borrowing capacity.
? These tips are:
- Close old accounts you have but don’t use
- Pay off any unpaid debts and consolidate any credit
- Pay off any personal loans or zip pay/afterpay
- Review your credit card limit, consider reducing the limit
- Set up a realistic budget for yourself. (This is needed for the application process anyway and will help you know how much you’re comfortable with in repayments anyway)
- Talk to a Julie about any financial areas you may need to address before applying for a loan and let her help set you up for success.
? To get an estimate of your borrowing power you can access our calculators on the Greater Geelong Finance website, based on a few factors such as income and expenses. Look at the calculators on our website to give you a guide. https://greatergeelongfinance.com.au/calculators/
? To get a more detailed account of your financial situation, it’s best to speak to a home loan professional with in-depth knowledge of the expansive range of products and lenders on the market.
?♀️ Contact Julie at Greater Geelong Finance and let her help you work out options for your financial situation and get you loan ready for 2021!
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