There are several important factors that may be taken into account when determining your borrowing power. Here are five points to consider when it comes to your borrowing capacity.
#1 – A joint application may increase your borrowing power.
#2 – How many dependents you will have will be considered.
#3 – If you have less than a 20% deposit, your lender may ask you to pay LMI.
#4 – The higher your income, the higher your potential borrowing power.
#5 – Reduce existing liabilities such as credit card limits.