Borrowing capacity

Hey guys,

I'm looking to invest in property ( build a portfolio) and wasn't sure if i should see what my max borrowing capacity is before making my purchase , or best of to purchase a property and refinance and go again?

 

It would be a good idea to check but keep in mind borrowing capacity will change over time and at the moment it is changing frequently even if your circumstances remain the same.

 

It makes a lot of sense to get your borrowing capacity checked out before proceeding with a purchase.

Most decent brokers should be able to give you a general idea of what's acheiveable based on your current resources. Having said that - regulators cause the goalposts to move quite frequently.

Cheers

Jamie

 

Check your borrowing capacity before you purchase. Even if you've been told previously you've got borrowing capacity, check it again before you sign anything. Not a week goes buy where a lender doesn't make some sort of change which will mess up some ones plans

If you purchase a property simply assuming you'll get the finance, sooner or later you'll get into serious trouble.

 

And the borrowing capacity which may be available today, may very well not be available in 3 months time - especially with this latest budget leading to further fundamental changes regulator reach on lender policy.

Check your situation with a investor focused finance strategist who is going to be able to look at your existing situation, your plans and how to map out the strategy to meet your goals.