Ready to borrow some money, but your bank isn’t ready to lend it to you? 

Adam from FutureSett helps people just like you to purchase investment properties without using any cash, refinance & consolidate debt in order to improve cash flow, pay down home loans sooner, build wealth & create a passive income with property.

And he has a few tips to help you get the money you need from the bank:

  1. Start reducing your day to day discretionary living expenditure: Most Lenders will look at your bank statements and living expenses with a view to comparing them to their benchmarks. If you are way above the benchmarks your borrowing capacity will be reduced. In most cases; You will need 1 to 3 months of evidence (i.e good spending behaviour) to support your living expenses declaration.
  2. Reduce credit card limits: A Lender will take your credit card limit; not your balance, and will apply a c.3.8% assessment rate to it..so a $10,000 credit card limit, even with a $0 balance = $380. This $380 is added to your monthly outgoings for servicing.
  3. Receive Bonuses, Commission & Overtime?: Most lenders want to see consistency when it comes to these kinds of income being used for servicing. Evidence of the last two years and current YTD bonuses, commissions & overtime will really help to support your higher lending limit.
  4. Self Employed?: Know your numbers and let your accountant know what your intentions are. You need a good accountant on board who can provide all the necessary letters, financial statements and tax returns to support your application. For home loans, it’s all about presenting strong income & low risks, but this doesn’t always align with your accountant’s tax strategy, so make sure you get good advice here.
  5. Debt Consolidation?: Refinancing and consolidating all your other non-home loan debts can improve your cash flow considerably. If you are prepared to consolidate your credit cards, car loans, novated leases, personal loans, ATO debt etc etc, your borrowing capacity can be greatly improved.
  6. BONUS TIP: Have a great mortgage broker on your side to help you navigate your property journey … you don’t need to do this all alone.

Adam is offering a free assessment to all our members: https://futuresett.as.me/Finance-Call. There is no obligation and who knows what you might find out, so what have you got to lose?

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