The same income can produce a six-figure difference in borrowing power depending on the lender. What advisers should flag before a client applies anywhere.
Two lenders can look at the same client and arrive at borrowing figures hundreds of thousands of dollars apart. For advisers referring clients, knowing why helps you set expectations early — and protects the client from a needless decline on their record.
Lenders treat the same income differently. Bonus and commission income, overtime, rental yield assumptions, HECS treatment, and how existing debts are assessed all vary. A client with variable or self-employed income can see their assessed income — and so their capacity — swing materially depending on who's looking.
A rushed application to a poorly matched lender can mean a decline that follows the client around, plus a credit enquiry that complicates the next attempt. Matching the lender to the client's income story before lodging is where a lot of quiet value is added.
Encourage clients to get a proper assessment before they apply anywhere — especially if their income is anything other than straightforward PAYG. That's exactly the work we do before a single form is lodged.
Happy to talk through a specific client's situation any time.
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