How Can I Grow My Borrowing Capacity?
When it comes to planning your home purchase, how much money you have to work with will depend in large part on your home loan borrowing capacity.
Essentially, this is a reasonably accurate figure representing how much you can expect lenders to let you borrow.
A how much can I borrow calculator can give you an idea of your capacity, but you may be wondering how you can make that figure larger!
There are a few things that you can do which may have a positive impact on the amount that you can borrow.
For instance, lenders take all your credit cards into account when assessing your application, so it is a good idea to cancel any cards you no longer use.
Similarly, lowering the limit on the credit cards you do use is a good idea, if possible.
Another way to give your borrowing capacity a boost is to consolidate any other higher interest debts that you have.
As you can see, there are many factors which can affect how much you can borrow. Luckily, with some expert advice, you can find a way to maximise your home loan potential.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.