How To Increase Borrowing Power [11 Simple Strategies] скачать в хорошем качестве

How To Increase Borrowing Power [11 Simple Strategies]

Today I’m going to show you my complete guide on ways to increase the amount banks will lend you for a home loan. After the Australian Royal Commission banks have tightened their mortgage criteria. 00:00 How To Increase Borrowing Power [11 Simple Strategies] 00:30 1. Remove 00:49 2. Reduce 01:31 3. Replace 02:06 4. Unused Credit Card Limits 02:45 5. Reduce Your Living Expenses 03:18 6. Increase Your Income 03:50 7. Increase The Loan Term 04:17 8. Don’t Get Interest Only Term 04:55 9. Save More Money For A Deposit 05:24 10. Bring In A Co-Borrower 06:10 11. How Much Can I Barrow? In fact, these are the same tips I’ve used to help countless customers go from homeless to a home nest! For more info https://www.huntergalloway.com.au/ For home loan enquiries jayden.vecchio@huntergalloway.com.au Find Jayden here: https://www.huntergalloway.com.au/fre...   / mortgagebrokerbrisbane   T: 1300 088 065 E: hello@huntergalloway.com.au Hunter Galloway: Mortgage Broker Brisbane Head Office: 3 Latrobe Tce Paddington QLD 4064 PO Box 841, Paddington QLD 4064 CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000 Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality. If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you). In this video I’m going to walk you through my 11 strategies to increase your borrowing capacity, step by step, so keep watching. 1 - Remove Pay off any loans you have. By doing so will cease the liabilities expense in its tracks. You see, how much you can borrow is a simple equation. Income - Expenses. Therefore, the lower your expenses, the higher your borrowing capacity. 2 - Reduce Okay so for any loans you current own, is there anyway you can reduce the amount you need to pay each month? Some ways to do this include. Extending the loan term - an example of this is if you’ve 2 years left on your car loan, can you extend this back to 7 years? Decrease the interest rate. The lower the rate, the lower the repayment. Consolidate into one. Often times by doing this you’ll be able to reduce your repayments significantly! An easy win indeed! Lowering your overall expenditure via debt repayments each month will thus in turn allow you to increase your borrowing capacity. 3 - Replace Look at all your financial commitments and ask yourself, could this be replaced? A common one is having a car loan. If you’re in this situation first look at how much your car’s worth on Redbook (side note - Red book is a free online service which offers a fast Car Valuation Service). Second compare this with how much your currently owing. Knowing the difference, would this allow you to downgrade to a more modest means of transportation without the use of credit? By doing so you’ll effectively remove your car loan, and by doing so the expense associated, thus allowing your borrowing capacity to increase. 4 - Unused credit card limits limits Did you know that for every dollar you hold in a credit card limit, that it reduces how much you can lend by around $5? So if you had a $10,000 credit card, it would affect how your borrowing capacity by around $50,000! Even if you don’t use it! This is because the bank looks at the limit not your balance and calculating what repayments on this would be. Thus, having a marked effect on your borrowing capacity! So if you have any credit cards you don’t use, close them down and for those cards with massive limits, reduce it to the minimum possible. 5 - Reduce your living expense Slow down on uber eats! Yes, the banks are looking at your everyday spendings! Creepy I know! But if you’re spending are too high, it’ll have an affect on how on your borrowing capacity! The banks benchmark your living expenses against theri Household Expenditure Method or HEM for short. Essentially a sliding scale on how much they believe people's spend each month. Being remarkably over the banks HEM will reduce how much you can borrow, so be aware and use a budget where possible to account for this. 6 - Increase your income Due for that payrise? Now’s the perfect time! Able to work overtime? Best be picking up those shifts! DISCLAIMER: This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer. Full Disclaimer here – https://www.huntergalloway.com.au/you...