Banks have been tightening access to credit for investors but there are ways you can boost your borrowing capacity, even in these testy times!
Here are some tips from our friends in the industry:
· Trim your lifestyle costs at least 6 months
before you apply for credit
·
Do a credit check on yourself to ensure that you
don’t have any questions on your file.
· Address and rectify any problems on your credit
file
· See if there are ways that you can increase your
income- find a side-hustle at least 6 months before you apply for a loan.
· Minimise available credit and claim all your
income throughout the year
· Have all your tax returns up to date and if
possible, split liabilities and debts with a partner
· Move all your debts into your mortgage and use
other properties as collateral
· Save as large a deposit as you can
· Consider diversifying your borrowing across a
range of lenders
· Self manage your properties using RealRenta to
increase your rental income after expenses
If you need help with accessing the right
type of loan, contact us @ propertyloans@realrenta.com if you would like to speak with a lending specialist from our trusted
finance partner.
Jason Gwerder
Sunday, 3 November 2019
