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Banks won’t tell you how to maximise your borrowing capacity

Banks won’t tell you how to maximise your borrowing capacity

As mortgage brokers, we’re often asked exactly what it is that we do. Many people don’t know what the benefits are of using a finance broker, instead of going straight to a bank. One of our most important roles at Bee Finance Savvy, is maximising our customers’ borrowing capacity.

In short, this means we help get you approved for the highest amount you can borrow. This applies to both home loans and refinances.

What the banks won’t tell you

Understandably, a bank’s priority is to sell their own products. This means that they aren’t going to tell you if their competition has a better offer available. They certainly won’t let you know if you could borrow more by going to a different bank.

It can be tricky finding out which bank is going to approve you for the highest amount for a refinance or a home loan.

Some people think that the simplest way to find out, is to apply with multiple lenders, and see which one offers the highest amount. While this might sound good in theory, it’s actually a huge mistake. Applications leave marks on your credit file, even if you don’t take out the finance. This tactic will result in multiple marks on your credit file, within a short space of time. Lenders generally consider this to be a huge red flag, and will often decline an application based on this alone.

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As finance brokers, we keep up to date on changing lender policies. Every lender has different rules, which can change quite frequently. These rules deal with a variety of things, such as how lenders view overtime, or negative gearing.

Every lender has a different calculator. These calculators are used to calculate the eligibility of an application. At Bee Finance Savvy, in addition to knowing lender rules, we have access to these calculators.

We use these calculators to work out which lender is best suited to each customers circumstance. While this process allows us to see which lender will approve you for the highest amount, it doesn’t mark your credit file! We don’t submit an application and actually mark your credit file, until we’re confident that we’ve found the most suitable lender, and until we’ve made sure our customer is happy with the application.

Get in touch

If you’d like to find out what your maximum borrowing capacity is for a home loan or refinance, get in touch with Bee Finance Savvy! Our Sutherland Shire based broker can give you an obligation free consult over the phone, to assess your situation, then go over your options with you.

You can call or text Desiree on 0455 131 937 or 1300 140 554. You  can also contact Desiree by email at enquiries@beefinancesavvy.com.au .

If you’d like to read about how Desiree has helped other customers, take a look at our reviews on WOMO. https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda

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