Even if you’ve paid your credit card off completely, your home lender will still look at these limits as potential debt, which affects how much they’ll be willing to lend you. Your limit on other debts, like credit cards and personal loans, might affect your borrowing power. What if I'm self-employed or a business owner?Įmployment status can have an influence on your borrowing power, as it might be more complex to demonstrate your income if you’re in this position, and don't always have a regular salary for example.Įvery situation is different, and a home loan specialist can guide you on next steps. At Westpac, this is called a Family Security Guarantee and it could help you get into the market quicker. You might also be able to increase the amount you can borrow by asking a family member to guarantee all or part of your loan.
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