Top 4 Reasons Your Mortgage Got Declined! (With Case Studies)⎜Ep. 1414
The Property Academy Podcast
00:00
The Importance of Having a Credit Card
People often forget that they've got a credit card because they don't use it. $10,000 on a credit card works out to be repayments of $400 a month if you max it out. If you're borrowing for an investment property, it'll affect your application by about $70,000 worth of borrowing power. It's really high today because the test interest rates have increased. And so even though you're not making any payments against that credit card, I mean, you haven't spent a dollar on it,. They still factor it in when assessing the income side of your mortgage application.
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