Bank statements are scrutinised by the home loan lenders

This information provides an understanding into your spending habits to evaluate your expenses against your income

Using buy now, pay later schemes can make a difference to your borrowing capacity

These providers of credit are now being recognised in your outgoing monthly expenses

Student debt affects the income side of the borrowing power

• Lenders will treat the student debt differently, but will still alter your borrowing power

Personal loans and car loans will affect your borrowing power

• Take away repayments of any from your monthly income 

Credit cards affect your borrowing power Eg: 

• $10,000 credit card limit with $0 owing will be calculated at $10,000 debt

Lenders understand you can spend your limit on your credit card after you are approved for the home loan

If you want to maximise your borrowing power, consider cancelling your credit card before applying for a home loan

If you have a shared loan with someone else this makes you a co-borrower

It’s possible lenders will make you individually liable for the all debt (not portioned).