Ways to help you boost your borrowing power!
So, you’ve started the process of house hunting, you’ve been working HARD to put savings away towards your deposit. Then price houses continually increase and you're being pushed out of the market.
Sounds a little familiar? Yep, we know it’s been a common occurrence lately and we feel for our wonderful clients who have been working their butts off to make their dream a reality.
Here are some expert tips to get you into that dream home a little sooner!
Reduce your debt
This one could seem a little like a no-brainer but really! All lenders will favour your situation if you have less debt against your name.
So, if you have a little time, pay down those debts currently owing and put yourself in the best position possible to give the lender no excuses to question your application!
Reduce living expenses
Now, we’re looking at you Afterpay lovers! Afterpay/ZipPay and all of those short term lending platforms - Get. Rid. Of. Them.
To cut to the chase, they’re not a good look and again lenders don’t look favourably against them.
Have a regular savings pattern in your account
No, we’re not talking about pretty patterns for us to fuss over, a regular savings pattern is you contributing roughly the same amount each week/fortnight/month into a separate savings account (in your name) in the aim to build up enough for a deposit.
Doing this helps us tick the box for your genuine savings requirements as well as shows the bank you can make a regular and ongoing commitment with your money. Win win!
Pick the right lender
Just because you’ve been with a certain lender for a long time doesn’t necessarily mean you need to show loyalty to them and sometimes it won’t benefit you. Ain’t nobody got time for that!
Sure, ask for their best rates but don’t be afraid to shop around and find a lender who is offering a good rate and suitable terms for your specific needs and situation.
Plus get yourself an awesome mortgage broker to help you do all of this! *cough cough*
So there you have it! Let’s help you save some extra cash, boost that borrowing power and make those dreams a reality!
Sarah x
Two Broker Girls
