You would think that the amount you can borrow would be pretty much the same across the various lenders right? Wrong! You may find yourself giving up on your dream property because your bank has told you that you don’t have the borrowing capacity for a property. You could then be steered towards a lower loan – and lower priced property. As a Mortgage Broker, every day I see people’s borrowing capacity and often see a difference of $50,000 or more between lenders. The reason for the difference in how much you can borrow, is that all lenders have slightly different policies and niches. Some of the things that lenders look for on an application that may vary from one lender to another include: How they calculate existing home loan repayments The minimum living expenses factored into an application The amount of bonus/commission income the lender accepts and over what period it needs to be confirmed The use of any Government/Centrelink pension or payments The inclusion of allowances you receive at work The amount of rental income you receive Although the above points may not seem like they make a big difference, this can definitely make or break an application. For more information please contact me on 0414 891 931 or kaia.hunter@mortgagechoice.com.au #homeloan #property #propertyinvesting #refinance #finance #bridgingfinance #firsthomebuyer #moneytips #money #kaiahunter