HINTS & TIPS to Increase Borrowing Capacity in PERTH'S BOOM!

Welcome to another episode of Build Out West podcast with Tony & Catherine! In this episode, we’re diving into a crucial topic for homebuyers: How to Increase Your Borrowing Capacity for a Mortgage with guest finance broker Adam Burstein.

If you're looking to buy a home or invest in property, getting the largest possible mortgage can be the key to securing the property of your dreams. But how do you boost your borrowing power? We’ve got the answers! Tune in as we cover:

Key Topics:
1. Understand Your Financial Position
o Importance of reviewing your income, debts, and expenses
o Tools and resources to assess where you stand financially
2. Increase Your Income
o How side gigs, raises, or bonuses can impact your borrowing capacity
o Documenting extra income for mortgage applications
3. Reduce Debt and Liabilities
o Strategies for paying down high-interest debts like credit cards and personal loans
o The impact of your debt-to-income ratio (DTI) on borrowing capacity
4. Clean Up Your Credit Score
o Steps to improve your credit score
o How lenders view your credit history and why it matters for mortgages
5. Minimize Your Expenses
o Identifying areas where you can cut back on spending
o How lifestyle changes (e.g., reducing discretionary spending) improve your financial profile
6. Use a Guarantor or Co-Borrower
o When and how to use a guarantor to increase your borrowing power
o The benefits and risks of joint mortgage applications with co-borrowers
7. Shop Around for Lenders
o Why different lenders have varying lending criteria and how to take advantage of that
o The role of mortgage brokers in finding flexible borrowing options
8. Extend Your Loan Term
o How lengthening your loan term affects repayments and borrowing capacity
o Pros and cons of choosing a longer mortgage term
9. Consider Lender Incentives and Government Schemes
o Overview of current schemes that may boost your borrowing power (e.g., First Home Buyer incentives, low-deposit options)
o How to leverage government grants or programs to stretch your budget

Listener Takeaways:
By the end of this episode, you’ll be armed with actionable tips to maximize your mortgage borrowing capacity, whether you're looking to buy your first home or add to your property portfolio. We’ll also share real-life success stories from listeners who boosted their borrowing power and secured their dream properties!
Don’t forget to subscribe, share this episode with a friend, and leave us a review! Follow us for more insights on property investing, smart borrowing, and financial planning.
Resources Mentioned:
• Budgeting tools and debt-reduction calculators
• Credit repair services and credit score monitoring
• Government home-buying schemes and programs

Catherine Smith
Founder & Managing Director
Catherine Smith Catherine, the founder and driving force behind Build Bright, brings over 10 years in new home sales and strategic property investments. With a passion for real estate and a keen eye for lucrative opportunities, Catherine’s track record of creating wealth through strategic property investments, has launched her team to success in the building and investment industry in WA. Expertise in market analysis, property valuation, and investment strategy development; allows Catherine to identify high-potential properties and maximize returns for our clients and partners. Catherine is also the host of the popular podcast – Build Out West, which focuses on the building and investing space in WA. Through informative and engaging discussions, Catherine aims to educate and inspire homeowners, builders, and industry professionals alike. Whether you're a seasoned investor seeking portfolio diversification or a newcomer looking to enter the property market, Catherine and the Build bright team provides personalised solutions tailored to your needs. Our track record of success and dedication to integrity and transparency make us a trusted partner in property investment.

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