What happens to your borrowing capacity if the interest rate goes up?
research.wealthi.com
A 1% increase in interest rates reduces your borrowing capacity by about 10%. First of all, don't panic! Carla Nesci, Lending Specialist at Wealthi says: "It can be a great time to apply for a "pre-approval" from the bank and ensure interest rates for 3 months until you find it is your next investment property or your first home."
What happens to your borrowing capacity if the interest rate goes up?
What happens to your borrowing capacity if…
What happens to your borrowing capacity if the interest rate goes up?
A 1% increase in interest rates reduces your borrowing capacity by about 10%. First of all, don't panic! Carla Nesci, Lending Specialist at Wealthi says: "It can be a great time to apply for a "pre-approval" from the bank and ensure interest rates for 3 months until you find it is your next investment property or your first home."