Part 11 of 11 Check Your Credit Score and Borrow More

Part 11 of 11 Check Your Credit Score and Borrow More

statecustodians.com.au Heidi Armstrong explains everything about your credit file and how it affects how much your lender will lend to you when shopping for a home loan. By understanding how your credit file is created and updated, you can make sure you keep it looking good. Heidi also explains how a lender calculates your borrowing power. The live session is divided into 11 videos, packed with information you need before applying for a home loan in Australia. Visit our website statecustodians.com.au or ask your questions directly, email askheidi@statecustodians.com.au Transcript in brief: The above shows how one lender’s policy can significantly differ to another. These feed into the servicing calculations conducted by lenders, with the effect that the same applicant with the same situation may have a far greater borrowing capacity with one lender over another. It therefore pays to do your research and to get the right advice from a lender that understands not just the lending policy for their own products, but how they stack up against others in the market

statecustodians.com.au Heidi Armstrong explains everything about your credit file and how it affects how much your lender will lend to you when shopping for a home loan. By understanding how your credit file is created and updated, you can make sure you keep it looking good. Heidi also explains how a lender calculates your borrowing power. The live session is divided into 11 videos, packed with information you need before applying for a home loan in Australia. Visit our website statecustodians.com.au or ask your questions directly, email askheidi@statecustodians.com.au Transcript: What you are describing is borrowing power (or affordability). Lenders have an obligation to act responsibly when providing credit, under the National Consumer Credit Protection Act. Each lender has their own interpretation of affordability and this is built into their serviceability calculators and rules around treatment of different types of income and debts. These policies are their attempt to determine your borrowing power or what they think you can afford. At a basic level, all lenders factor into their calculations a base cost of living for each applicant and any dependants, however what this amount is can vary for different lenders based on which Index they choose to rely upon. So, even before the lender considers what your income and liabilities are, already you can see that different lenders may produce different results when determining an applicant’s borrowing power. Whilst you may
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