Borrowing power is one lender’s formula applied to you, and several of the inputs can change.
Cut unused credit card limits, clear or refinance personal and car loans, and make sure every dollar of income is counted, including overtime, allowances and any rent. Choosing a lender whose calculator suits your income can add more than any of those.
Other changes, such as a longer savings or employment history, take months to count.
Quick repayment estimate
If things change
Principal and interest, constant rate, monthly repayments. An estimate only, not credit advice or an offer.
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Charles Touma from Links Property Finance was a great help with buying my first home. I had plenty of questions and he took the time to explain things clearly without making me feel rushed. He kept me updated throughout and made the process much less stressful. Really appreciated his patience and would happily recommend him to other first home buyers.
Charles looked after us really well and his knowledge gave us the confidence to purchase our property. He wasn’t pushy and always ensured we felt comfortable with the repayments.
Charles is an absolute star at what he does. He was straight-up, highly professional, and worked hard to secure a fantastic rate for our home loan. Communication was prompt and clear the entire way through. I would trust him with any future financial needs
Roughly ordered by speed of effect.
Days. Usually the fastest meaningful improvement, and one of the largest for people carrying several cards.
Immediate, if the documents exist. Costs nothing and frequently worth more than any other change.
Days to weeks. Worth modelling against the deposit reduction rather than assuming.
Three to six months, because lenders read statements. Declaring less than your statements show does not work.
Charles Touma, Mortgage Broker.
For anyone whose income includes overtime, bonus, commission, shift penalties or allowances, this is frequently the largest single lever and it costs nothing. The overtime guide covers the treatments.
Two years of payslips and an employment letter that describes the income accurately can move the assessable figure substantially, because lenders differ enormously in how much of it they count.
Not a trick, the reality: every lender sets its own assessment rate, living-expense floor and income treatment. The same household routinely receives figures hundreds of thousands apart from different institutions. That is the assessment work rather than a change you make.
Before restructuring your finances, it is worth knowing whether a lender exists whose written policy already suits your income shape.
For most people, reducing unused credit card limits and having variable income evidenced properly. Both are quick and neither requires earning more.
Beyond that, choosing a lender whose policy suits your income shape is frequently worth more than any change to your finances, because the differences between lenders are larger than most borrowers expect.
Yes. It raises the figure, because the assessed repayment is spread over more years, but it also costs considerably more interest, so use it deliberately rather than by default.
Often reducing the limit achieves most of the benefit without losing the account history, and closing is worth it where you do not need the card.
Either way it should be done before assessment and documented, and modelled first, because for some borrowers the effect is small and for others it is substantial.
Sometimes, and less than people expect. The compulsory repayment counts as a commitment, so clearing it removes that.
But the money used to clear it is money no longer available as deposit, and lenders treat HECS differently from ordinary debt. Where the balance is small and nearly cleared it can be worth it. The HECS guide covers when.
Yes, if you apply to several: each application leaves an enquiry on your credit file, and a cluster reads badly to the next assessor. Comparing lender policies through a broker does not, because nothing is lodged until a lender is chosen.
Charles can model the specific changes worth making on your file, and tell you which ones would not be worth the effort.
Prefer a callback?Charles calls back within one business day. No documents needed yet.
General information only, not credit or financial advice. Professional lending policies, eligible occupations and loan-to-value thresholds vary by lender and change over time. Eligibility is confirmed against current lender policy in an assessment; nothing on this page is a promise that any lender will approve any application.
