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Episode 4 - Unlocking Your Mortgage Potential: Mastering Borrowing Capacity and Serviceability
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Unlocking Your Mortgage Potential: Mastering Borrowing Capacity and Serviceability
Description: In this insightful episode of Established Wealth, Tiffany and Toby break down the critical concepts of borrowing capacity and serviceability, empowering you to make informed decisions about your mortgage and property investments. Whether you're a first-time homebuyer or an experienced investor, this episode provides essential knowledge to help you navigate the mortgage landscape effectively.
Key Takeaways:
- Introduction to Borrowing Capacity and Serviceability: Tiffany and Toby explain borrowing capacity—the amount a lender allows for a home loan—based on factors like income, expenses, debts, and employment status. Learn about the five Cs of credit assessment: character, capacity, capital, collateral, and conditions.
- Understanding Serviceability: Discover how serviceability—the ability to repay a loan over its term—is assessed with an added 2-3% on top of market rates. Understand the factors that affect your borrowing capacity, including age, income, expenses, debts, and family responsibilities.
- Income Assessment for Serviceability: Learn how lenders consider various income sources, including regular jobs, rental income, and investments. Explore how your expenses, debts, and lifestyle choices impact your borrowing capacity and serviceability.
- Calculation Methods for Serviceability: Dive into the different ratios and methods lenders use to assess serviceability, such as net surplus, uncommitted monthly income, and debt service ratio. Understand how lenders tailor assessments to individual circumstances using specific calculators.
- Importance of Using a Mortgage Broker: Discover the vital role of mortgage brokers in facilitating the borrowing process, providing access to multiple lenders, and optimizing loan structures. Learn how brokers prevent multiple loan applications, preserve credit scores, and ensure informed decisions.
Join Tiffany and Toby as they share their expertise on maximizing your borrowing capacity and ensuring your loan serviceability. This episode is a must-listen for anyone looking to secure the best mortgage solutions and build long-term wealth through property investment.
Contact Us
Website - www.establishwealth.com.au
Email - toby@establishwealth.com.au & tiffany@establishwealth.com.au
Instagram - Toby_MortgageBroker & Tiffany_MortgageBroker
Download E-Book - https://establishwealth.com.au/ols/products/establish-wealth-e-book
Australian Credit Licence :389087 AFG
ASIC Authorised Credit Repersentive Number: 559315
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