David Richardson

When applying for finance, if one lender says no it doesn’t mean all lenders will say no.

If one lender says you can only borrow ‘x’ amount but you need to borrow more, do not dispair, there may be a lender who can assist.

Here are some examples:-

• A single person on $40,000 p.a. with no other debts, the difference in borrowing power just between the 4 major banks is $30,000. That figure is higher when comparing the 30 lenders we have on our panel.
• A couple with a joint income of $125,000 p.a. will find a variance of $70,000 in borrowing power just between the 4 major banks (that figure is $224,000 when comparing all lenders on our panel)
• And again a couple on the same joint income of $125,000 with 3 children and liabilities consisting of 2 credit cards with total limits of $15,000 plus a car loan with a monthly repayment of $500, the borrowing power between the 4 majors has a variance of $103,000 (a $166,000 variance between all the lenders on our panel).

In addition to the variances in borowing power, lenders policies also vary when considering

• Employment
• Savings history
• Lenders Mortgage Insurance
• Definition of Self Employed
• Rental Income
• Income verification

and much more.

In my 30+ years in the finance game I have never seen competition between lenders so fierce. 

• Interest rate discounts
• Application fees
• Rebates to refinance from one lender to another

If you have any queries regarding finance, please do not hesitate to contact me.