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Home Loan Variable: 5.38% (6.14%*) • Home Loan Fixed: 5.44% (6.26%*) • Fixed: 5.44% (6.26%*) • Variable: 5.38% (6.14%*) • Investment IO: 5.84% (7.27%*) • Investment PI: 5.84% (6.19%*)

Whats required to confirm borrowing capacity?

Many online sites can calculate the first 2 – but each Bank / Lender have their own way of viewing your financials, and as an experienced finance broker I would consider > 50 policies across 30+ lenders. So lets gather the facts …

First Home Owners may have access to various government and state discounts or schemes (based on income and purchase price) – and there are family guarantee loans with no deposit. Many lenders have restrictive policies like 6-7 x income where others have no such restriction – some itemise your living expenses – where for others we don’t provide bank statements at all. With 60+ lenders – we are exhaustive in our analysis and research. Look forward to a chat.

An initial assessment generally takes 10 minutes and requires the following financial & personal questions :-

SO WHATS REQUIRED TO CONFIRM BORROWING CAPACITY?

Lenders look at your credit history, location and lending %, as well as these 3 factors:-

– Deposit or Equity
– Net Income
– Policies (how they assess your application)

LENDING ASSUMPTIONS

If different, please advise details …
– Clear Credit – if not sure please order your free copy here
– All finance and lending liabilities are detailed below
– No current loan application or approval (we always start with full disclosure)

FAMILY

  • Single / Couple / Dependents
  • Ages

 INCOME

  • Salary // Base Income + Car allowance or access to a fully serviced car plus any Overtime / Commission – last 2 years history
  • Self Employed || 2 years NOA (notice of assessment) or 2 years NOA + full financials (personal + company / trust tax and financials) or 6 months wages to director.
  • Self Employed || Lo Doc income declaration confirmed with accountant, ABN 2+ years
  • Alternative Income = BAS / Accountant declaration
  • Family Benefits | Disability | Pension | Child Support

EXPENSES

  • Credit Card Limits
  • Car / Personal Loans = Balance + repayment
  • HECS | Study Debt
  • Child Support
  • Rent / Board (or you live in your own home)

PROPERTY ASSETS & LIABILITIES

  • Deposit $
  • Valuation $
  • Mortgage $
  • Repayment $
  • Lender | Year loan started
  • Interest Rate ___%
  • P&I or Interest Only
  • Fixed or Variable
  • Rent income (for investment)
  • Super Balance $

Lets me assist and work out your Home or Investment purchase options – Click

Kelvin Mason

#buyinvestlive

 

 

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Download our 40-page First Home Buyer Guide. The book includes a large amount of information that will guide you during the buying process, and it provides you with information on your various finance options. 
FHB Guide Book
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