What can impact borrowing capacity?

Debt, credit cards, car loans or personal loans can affect how much the banks will lend you.
Mark Polatkesen at Mortgage Domayne said that just having a credit card can alter this amount.
“With credit cards, if you have no money owing on the cards, they're still going to make an impact on how much the banks will lend you a $10,000 credit card.
“It's probably going to reduce your borrowing capacity by about $50,000,” he said.
Mark also recommends reviewing your bank accounts to see if there's any discretionary spending that could be stopped. Think of things like food delivery, gym memberships or even streaming services can impact your ability to borrow.
Other factors can also contribute to individual borrowing capacity.
Please seek professional advice from your financial advisor, mortgage broker or financial institution for more detail.
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About Mark Polatkesen
Mark Polatkesen is a senior mortgage broker and director at Mortgage Domayne.
Mortgage Domayne offers mortgage brokerage services under Australian Credit Licence 389087. You can find out more about the credit services that Mortgage Domayne provides and contact Mortgage Domayne at mortgagedomayne.com.au. Dennis Family Corporation and its associates have not and do not receive any benefits, such as commissions, from Mortgage Domayne or any other party in respect of any information provided about or referrals made to Mortgage Domayne. Neither Dennis Family Corporation nor its associates provide credit assistance or make any suggestion that you apply for or remain in any particular loan with any lender. The information on this page does not take into account your personal circumstances or objectives and has not been provided for the purpose of securing any loan with any lender for you.