Borrowing after the Royal Commission

After the royal commission lenders are more strict and thorough. To set yourself up for borrowing success, here are 7 things you NEED to know:

1) Income: ensure all of your payslips are compliant with guidelines – don’t leave this to the last minute!

2) Credit File: It's imperative to keep a check on your credit file particularly with Comprehensive Credit Reporting being introduced. You can get a free report at

3) Cost of Living: Now living expenses need to be analysed virtually, line by line. Be prepared.

4) Age: You need to have an “exit strategy”, even if you’re in your 40’s

5) Debt to income ratio: calculated by taking all your monthly debt payments divided by your gross monthly income. This number is used by lenders to measure your ability to repay the money you have borrowed. Its looked at very closely.

6) Location, Property Type and Size: You are best to discuss this with us before you start looking as there are many variables. The big one, at the moment, is an oversupply of apartments in some locations.

7) PAYG or self-employed: If you're self-employed the lender will want a least one year's tax return for you and the trading entity.

For more advice on borrowing and applying for loans. contact us to speak to one of our experienced professionals!