Borrowing Power for Business Owners
What you need to know to actually buy the home you want Running your own business? Then you already know getting a home loan isn’t just about how much you earn—it’s about how good your paperwork looks to a bank. Spoiler: the system wasn’t built for people like you. Good news? There’s more than one […]
Lenders Mortgage Insurance explained…
When buying or refinancing a home or investment property, if you’ve got less than 20% deposit you’ll be viewed by lenders as a high risk – so they use Lenders Mortgage Insurance to protect their position (they buy insurance). Understanding how it works and how it differs from bank-to-bank, you could save yourself thousands. Included […]
Genuine Savings for Home Loans explained (and how to avoid it)…
If you’re considering purchasing a home soon, you’ll need to understand how genuine savings for home loans works. What is genuine savings? Genuine savings has quite a simple definition with every lender (despite each lender being able to have their own definition): Money you’ve actually saved, and can prove you saved it. Equity in a […]
Learn Exactly How to Calculate Borrowing Power
If you’re applying for a home loan, you probably want to know how to calculate borrowing power. In fact, it’s the number one question people want to know. This topic is quite detailed and sometimes a bit dry because we’ll be digging into the details, so you can properly understand how lenders analyse your situation. […]
The Secrets to Home Loan Borrowing Power Calculations
The first thing on everyone’s lips when first discussing their home loan eligibility is what’s their borrowing power. Whilst your lender has rules to follow when assessing your home loan application such as collecting adequate proof of income, they generally make up their own rules (known as a credit policy). This will directly impact your home loan eligibility […]
What’s changing with the new credit reporting system?
Australia’s credit scoring system is changing from 1 July 2018. It will be known as the CCR (Comprehensive Credit Reporting), and you better pay all your loans and credit cards on time or your credit report is at risk. The current credit reporting system is known as a negative credit reporting system – one that […]
Essential Home Loan Approval Criteria
There’s only 2 home loan approval criteria that you’ll need to satisfy when completing your home loan application. Video: Essential Home Loan Approval Criteria Watch the above video for a detailed, although brief, behind-the-scenes peak at what happens in your home loan application. Home Loan Approval Criteria #1: You and Your Borrowing Power You and your […]
How a Company Car Increases Borrowing Power for a Home Loans
If your car is provided by your employer and are looking at ways to increase your home loan borrowing power, you’ll need to choose the right lender. In some instances a company car increases borrowing power and will allow you to borrow close to an extra $100,000. This works because the lender adjusts your assessable […]