✅❎ Love them or Loathe them?
💳 Credit Cards are a huge part of Australia's financial system and everyday lives.
So.. what's the deal when it comes to a home loan if you already have credit cards?
Credit Cards (CC) impact your borrowing power!
-> Lenders assume maximum spent, even if fully cleared every month
-> Reduces maximum borrowing power
-> Negative impact is roughly "5x" the credit limit, or $50k less in home loan, for every $10k CC limit
🧠 There's a little-known psychological impact around Credit Cards too. It's been shown that on average, we do spend more with Credit Cards (aka future money) then when spending with Debit Cards / EFTPOS (aka current money).
Truly Finance's advice, financial services and property strategies are generally complimentary. We do this for the best interests of our clients and we relentlessly strive to be the best mortgage brokers with uncommon excellence!
James Brett. Principal Mortgage Broker, ☎️ 0439 591 759
Victor Simone. Principal Mortgage Broker ☎️ 0438 257 888
Nermalee Bowe. Senior Mortgage Broker ☎️ 0431 274 554
Dragan Disljenkovic. BD & Relationship Manager ☎️ 0422 435 900
#CreditCards #BorrowingPower #BestBrokers #TrulyFinance #Finance #Mortgages #HomeLoans #BestMortgageBrokers #MortgageBrokers
Credit Representative Numbers 521733, 550284 & 547037 are authorised under Australian Credit Licence 389328
