Supercharge your property hunt with a boosted borrowing capacity!

This essential number defines your budget for that dream home or investment property. But don’t worry, it’s not set in stone! Different lenders have different yardsticks, and with some smart strategies, you can unlock hidden financial potential and expand your property horizons.

Get ready to explore 10 powerful ways to fuel your borrowing engine and take your property options to the next level!

Knowledge and Preparation:

1. Know your credit score: Check your credit score regularly to identify areas for improvement.
2. Reduce your debts: Pay down high-interest debts like credit cards to free up income for mortgage repayments.
3. Reduce excess credit limits: Unused credit cards can still impact your borrowing capacity. Consider closing or lowering credit limits.
4. Choose the right loan product: Different loan features can affect your borrowing capacity.

Financial Stability:

5. Organize financial affairs: Having financial records in order streamlines the loan application process.
6. Save for a deposit: A larger deposit demonstrates stable savings and increases borrowing capacity.
7. Cut your expenses: Reducing unnecessary expenses increases your disposable income and potential borrowing.

Creative Strategies:

8. Consider splitting liabilities: Sharing ownership with a financially stable partner can improve borrowing power.
9. Increase your income: Extra income from bonuses, side hustles, or career advancements can boost your borrowing capacity.

Trade-offs:

10. Take a longer mortgage term: While reducing monthly repayments, this strategy increases the total interest paid over the loan life.

Recommendations:

• Combine these strategies for a greater impact on your borrowing capacity.
• Seek professional advice from a financial advisor or mortgage broker to personalize your strategies.
• Remember, increasing your borrowing capacity should be balanced with responsible financial planning and long-term affordability.

Clear Pacific Capital Can Help You Increase Your Borrowing Capacity:

1. Credit Score Check & Improvement:

• We partner with credit reporting agencies to offer free credit score checks and personalized improvement plans.
• Our financial advisors can guide you on optimizing your credit history for optimal borrowing potential.

2. Debt Reduction Strategies:

• We create customized debt repayment plans tailored to your financial situation and goals.
• We offer access to competitive debt consolidation loans to efficiently manage your high-interest debts.

3. Credit Limit Optimization:

• We analyze your credit card usage and recommend strategies for reducing unused credit limits.
• We can assist in closing unnecessary credit card accounts to improve your credit utilization ratio.

4. Loan Product Selection:

• Our mortgage specialists connect you with the right loan products based on your specific needs and borrowing capacity.
• We negotiate on your behalf with lenders to secure the most favorable loan terms and interest rates.

5. Financial Organization:

• We help you streamline your financial records and documents for a smooth loan application process.
• We offer tax preparation and planning services to maximize your income and deductions.

6. Deposit Savings Strategies:

• We develop personalized savings plans with achievable goals to boost your deposit amount.
• We offer investment options for your deposit funds to potentially earn additional returns.

7. Expenses Management:

• We can create spending analyses and budgets to identify and reduce unnecessary expenses.
• We offer financial education resources to equip you with practical strategies for sustainable cost-cutting.

8. Liability Sharing Options:

• Our advisors can analyze the potential benefits and drawbacks of co-borrowing with a financially stable partner.
• We assist in setting up co-ownership agreements to ensure clarity and fairness in shared financing.

9. Income Boosting Strategies:

• We provide career advancement guidance and financial planning tips to maximize your earning potential.
• We can connect you with professional development resources and job search assistance.

10. Longer Mortgage Term Guidance:

• We help you weigh the pros and cons of a longer mortgage term before making a decision.
• We ensure you understand the implications of increased total interest paid over the loan life.

You can Book your appointment today

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