Borrowing capacity isn't just about your income, and it's not the same at every bank. Banks are also looking at your deposit, your debts, your spending, your credit history, and even the property you're buying to decide how much they're willing to lend you and how risky your loan looks to them.

In this episode, Jack Elliott and Chris Bates walk through exactly what banks assess when you apply for a home loan. As well as banks looking at your income, we discuss how they look at your deposit and genuine savings, why credit card limits matter more than what you owe, how HECS debt actually impacts your borrowing capacity, and how the property itself can sometimes impact if you can even borrow at a certain lender.

We also talk about the difference between what a bank will lend you and what's actually right for your situation, and why choosing the right lender from the start makes a big difference to your options now and into the future.

In this episode:

🔑 What banks look at when they assess your borrowing capacity

🔑 How your income, deposit, debts and expenses all factor in

🔑 Why HECS debt is changing and what that means for first home buyers

🔑 The difference between what a bank will lend you and what's right for you

🔑 How choosing the right lender can make a big difference to your options

Timestamps

00:00 - How Banks Assess You

01:38 - Assessing Your Income

04:37 - Assessing Your Deposit and Genuine Savings

08:11 - Assessing Liabilities: Credit Cards, Loans, HECS, BNPL

15:51 - Assessing Your Living Expenses and Bank Statements

19:52 - Credit History and Your Assessment

22:43 - How Banks Assess the Property

25:08 - Borrowing Capacity Summary and the Role of a Broker

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There's a lot happening right now. Another interest rate rise, global uncertainty, fuel and supply issues, and a federal budget just around the corner. If you're a first home buyer, you might be wondering what all of this actually means for you and your plans.

In this market update episode, Jack Elliott and Chris Bates sit down to talk through what's going on in the market, what first home buyers are actually seeing, and most importantly, what you should focus on right now.

We break down the practical impact of the latest interest rate rise on your repayments and borrowing capacity, talk through your options around fixing versus variable rates, and share a three step plan to help you move forward with clarity and confidence, no matter what the market is doing externally.

In this episode:

🔑 What's actually happening in the market right now for first home buyers

🔑 The practical impact of the latest interest rate rise on repayments and borrowing capacity

🔑 Fixed versus variable rates and how to decide what suits your situation

🔑 A three step plan to help you focus on what you can control

Timestamps

00:00 - What We're Seeing in the Market Right Now

06:57 - The Impact of the Rate Rise

09:54 - Should You Fix Your Rate?

13:17 - Your Three Step Action Plan

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Mentioned Episodes:

Episode 25 | Unlocking Interest Rates and Why They Move

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If you've saved a significant deposit, received a gift from family, or come into money through inheritance, you're in a strong position as a first home buyer. But having more cash doesn't automatically mean the best decision is to put it all into the property.

In this episode, Jack Elliott and Chris Bates talk through the strategic options worth considering when you have a large deposit. We explore how to balance reducing your loan with keeping buffers in place, why your emergency fund matters, and how a bigger deposit might allow you to skip the stepping stone property altogether.

We also talk about the professionals worth bringing into your corner, including buyer's agents and financial planners, and how a larger deposit opens up opportunities like buying properties that need renovation or having the option to buy higher quality assets.

In this episode:

🔑 Whether to put all your deposit in or keep buffers aside

🔑 How to protect yourself after settlement with emergency funds

🔑 Why a large deposit might let you skip the stepping stone property

🔑 The value of buyer's agents and financial planners for first home buyers

🔑 How you could use your deposit strategically to get the best long-term outcome

Timestamps

00:00 - Introduction

03:16 - Leaving Buffers & Why It’s Important

06:17 - Can You Look Beyond the Stepping Stone Mindset?

08:32 - The Importance of Asset Quality

11:26 - Build the Right Team Around You: Buyers Agents & Financial Planners

19:52 - Don't Let the Bigger Deposit Rush You

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Download Your Buying Strategically with a Gift, Inheritance or Large Deposit Resource

Mentioned Episodes:

Episode 6 | Unlocking Asset Quality: How to Choose the Right Property as a First Home Buyer

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