If you have found your borrowing capacity to be lower than you expected and the repayments lower than you are comfortable with, there are other areas we can explore.
Non-bank lenders apply assessment metrics which can be more liberal than what is used by the major / non-major banks. Such examples are as follows although there are many more;
– Existing loans at other banks are not stress tested as onerously.
– Non-base income can be taken at 100% of its value instead of being discounted.
– Income for self employed applicants can be verified using the most recent 6 months of income as opposed to the last 2 years.
If you would like to try and increase your borrowing capacity, please reach out. Tom.
Written by Tom Morison