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Maximizing Your Borrowing Capacity: Expert Insights from Steve Keramidas, Mortgage Broker

When it comes to securing a home loan, understanding and optimising your borrowing capacity can significantly impact your ability to achieve your property ownership goals. As a seasoned mortgage broker, I, Steve Keramidas, am here to provide you with valuable insights on how to maximize your borrowing capacity and turn your homeownership dreams into reality.

Maximizing Your Borrowing Capacity: Expert Insights from Steve Keramidas, Mortgage Broker
Maximizing Your Borrowing Capacity: Expert Insights from Steve Keramidas, Mortgage Broker

1. Clear Existing Debts:

Lenders assess your ability to take on additional debt by considering your existing financial commitments. Clearing off or reducing outstanding debts, such as credit cards and car or personal loans, can positively influence your borrowing capacity.

2. Improve Your Credit Score:

A healthy credit score enhances your credibility as a borrower. Regularly check your credit report, address any discrepancies, and make timely payments to boost your credit score. A higher credit score can increase the amount you can borrow.

3. Showcase Stable Income:

Lenders value stability. Demonstrating a consistent and stable income, whether through employment, business ownership, or investments, can instill confidence in lenders and potentially increase your borrowing capacity.

4. Increase Income Through Overtime or Second Job:

Consider ways to boost your income, such as taking on overtime at your current job or exploring opportunities for a second job. The additional income can contribute to a stronger financial profile and enhance your borrowing capacity.

5. Negotiate a Pay Rise:

Engage in open communication with your current employer about the possibility of a pay rise. If you've been performing well and adding value to the company, a salary increase can positively impact your financial situation and borrowing capacity.

6. Minimize Unnecessary Expenses:

Review your monthly expenses and identify areas where you can cut back. Lenders often consider your living expenses when calculating borrowing capacity, so reducing non-essential expenditures can free up funds for a larger loan.

7. Utilize Financial Windfalls Wisely:

Any unexpected financial windfalls, such as a bonus, inheritance, or tax return, can be strategically used to reduce existing debts or contribute to your deposit. This can positively impact your borrowing capacity.

8. Consider Loan Types:

Different loan types have varying criteria for assessing borrowing capacity. Working with a knowledgeable mortgage broker like myself can help you explore various loan options and choose the one that aligns best with your financial situation.

9. Build a Larger Deposit:

A larger deposit can enhance your borrowing capacity. Saving diligently and considering additional income streams or financial assistance from family can help you accumulate a more substantial deposit.

10. Seek Professional Guidance:

Navigating the complexities of borrowing capacity requires expertise. As your dedicated mortgage broker, I analyse your financial situation, assess your goals, and tailor a strategy to maximize your borrowing capacity. My goal is to secure the most favourable loan terms for you.

Remember, every individual's financial situation is unique. By taking a personalized approach and implementing strategic financial moves, you can optimize your borrowing capacity and increase your chances of securing the home loan that aligns with your property ownership aspirations.

If you're ready to explore your borrowing capacity and embark on your homeownership journey, contact me, Steve Keramidas, your trusted Melbourne mortgage broker. I'm here to guide you through the process and help you achieve your real estate goals.


Disclaimer: This article provides general information only and may not reflect the publisher’s opinion. None of the authors, the publisher or their employees are liable for any inaccuracies, errors or omissions in the publication or any change to information in the publication. This publication or any part of it may be reproduced only with the publisher’s prior permission. It was prepared without taking into account your objectives, financial situation or needs. Please consult your financial adviser, broker or accountant before acting on information in this publication.

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