Understanding borrowing power has become increasingly important when applying for a home loan, and non-bank lender Liberty is helping borrowers put their best foot forward.
When it comes to home loans, having more borrowing power typically means those looking to buy a home or investment property have more options. But as interest rates continue to rise, borrowers may find the maximum amount they can borrow is further impacted.
The good news is that borrowing power is not set in stone. Liberty says it's possible for borrowers to improve their capacity and broaden their property options. According to Liberty's Head of Communications Heidi Armstrong, there are steps borrowers can take to strengthen their position before applying for a home loan.
"While your borrowing capacity may vary from lender to lender, they will typically consider factors including income, living expenses and any other existing debts," Ms. Armstrong said. "Reducing credit card facilities as well as any existing debts and repayments can help to increase your borrowing capacity when the lender makes an assessment."
As a leader in the Australian mortgage space, Liberty uses sophisticated credit assessment practices designed to help borrowers secure a home loan to suit their needs. With a variety of free-thinking home loans available, Liberty offers tailored solutions designed to help more people get financial and achieve their homeownership goals.
The fast-growing lender also encourages borrowers to lay the groundwork ahead of time to help them establish a strong position. An online borrowing power calculator is a great tool to help you estimate how much you can borrow when shopping around for a home loan.
With a range of home loan options and online indicative pre-approval, Liberty can help borrowers assess their options and find the home loan that's right for their situation.
For those looking to buy property in the current market, giving borrowing power a boost and opting for a flexible home loan solution could help secure their dream home sooner.
Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial.
Head of Communications, Liberty Financial
+61 3 8635 8888
Press Release Service by Newswire.com
Original Source: Liberty Shares Ways to Improve Borrowing Power Amid Rate Rises