Good news, many lenders are keen to get to know you with preferential assessment criteria that could make all the difference for your home purchase or refinance.
This means you may be able to take advantage of:
- No Lenders Mortgage Insurance on up to 90% home loans, which may enable you to buy that home with less deposit.
- Inclusion of your allowances towards your loan serviceability that can increase your borrowing capacity. Examples include overtime, meal allowances, fringe allowances.
- Inclusion of any salary packaging that helps you reduce your taxable pay and increase your net take home pay (disposable income).
- Specific health care professionals’ packages that may provide you with additional benefits for free or at reduced rates, depending on the lender’s current offering.
Each of the above can make a big impact on your borrowing capacity that can be crucial when buying a home or looking to refinance with improved terms (or with an equity release / cash out portion). This is because lenders look at your ability to service a loan first, and the higher your income that can be used in the servicing calculations, the higher your borrowing capacity will be.
Borrowing more may not always be best or needed. However, this is where talking with a finance professional can make all the difference as they can show you multiple options and scenarios for you to understand how each would work for your monthly finances and budgeting.
