Home Loan Borrowing Capacity Calculator
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How to increase your borrowing capacity?
Here are some ways you can increase your home loan borrowing capacity:
The starting point for working out your borrowing capacity is how much you earn. Anything you can do to improve this could also potentially help you borrow more.
Reduce your expenses: Cutting back on monthly expenses is one of the easiest ways to boost your borrowing power.
Pay off and close existing debt: If you have other debt such as personal loans, car loans, credit cards or other loans, lenders will assume you’ll need to keep repaying it. Paying down debts can increase your borrowing power.
Reduce available redraw: Lenders will consider any available redraw can be withdrawn to their full limit. Lenders will add any available redraw to the loan balance and apply serviceability against a larger loan amount.
Choose the right home loan product: Loan features can impact how much your lender will offer you.
Want to know how to reduce your mortgage repayment? Book an appointment with our senior credit representative today.