Three Tips to increase your serviceability as a property investor

With interest rates at an all-time low but with banks tightening their lending requirements there are some simple strategies to ensure your serviceability doesn’t stop you from gaining finance

  1. Cancel any credit cards that you don’t need
    Even if your credit card isn’t being used, the banks will take 3% of the limit as funds at your disposal to service a loan.
  2. Consolidate unsecured debts
    Alternatively, if you have outstanding balances on different credit cards or personal loans, it is wise to consolidate these into your mortgage.
  3. Ensure your tax returns are lodge on time
    In some circumstances two recent payslips will not be sufficient to a lender therefore being able to provide recent years’ tax returns will provide an accurate serviceability picture.