Borrowing Capacity

Your borrowing capacity will vary between banks and lenders because they all use different methods to assess your capacity and all have different lending criteria.

One of the most frequently asked questions in home finance is – how much can I borrow?

Your borrowing power will give you a good idea of how much you can borrow to purchase a property. As a guideline, when determining how much you can borrow banks and lenders will look at:

  • Income and types of income e.g. casual, contract, full-time
  • The size of the loan compared to the property value
  • Number of dependents and their situation
  • Credit card limits
  • Type of loan
  • General living expenses
  • Current savings to be used as a deposit (if purchasing), and
  • Existing asset position (including the size of your deposit)

For a detailed assessment of your borrowing capacity contact us at No Fuss and we will provide you with a personalised indication of your capacity.

Tips on how to increase your borrowing power

  • Pay off and close or reduce limits on any credit card or overdraft facilities
  • Put a budget in place and stick to it.  This will help you to improve your deposit and savings history
  • Pay off any outstanding term debts (e.g. car/personal loans)

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 PO Box 565
Baulkham Hills, NSW 1755

 (02) 8310 2199

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