Whether you’re planning to buy your first home or an investment property or just want to upgrade to a larger dwelling, then it’s essential to maximise your borrowing power by fully considering your income source.
Banks and other lenders assess your supplementary income streams quite differently to your base salary. And each bank employs their own unique set of policies and criteria to determine how much they’re willing to lend.
A detailed appraisal of all your incomes sources is necessary to secure the most appropriate loan for your situation. All possible income sources need to be reviewed. Whether these income streams are assessed correctly or not, could mean the difference between securing your dream home, or missing out to another buyer.
9 Income Sources That will help you Boost Your Borrowing Power
Here are 9 income sources that you need to assess: Bonus Income
Do you earn a regular bonus at work? If you do, [...]