Ways to Boost Your Borrowing Power Before You Apply

If you’re planning to buy a home soon, your borrowing power will play a huge role in what you can afford — and how confident you feel heading into the property market. With living costs rising and lenders tightening criteria, it’s worth doing a quick financial check-up before applying. Here are four key ways to put yourself in the strongest position possible.

1. Tidy Up Your Finances

Lenders like to see that you can manage your money responsibly. Before you apply, take a look at your accounts and clear out anything that could limit your capacity.

• Pay off or close unused credit cards and buy-now-pay-later accounts.

• Avoid taking on new debts in the lead-up to applying.

• Show consistent savings habits for a few months — lenders love stability.

Tip: A lower credit card limit can actually increase your borrowing power.

2. Reduce Your Living Expenses

It’s not just about income — what you spend matters too. Lenders assess your last few months of bank statements to understand your lifestyle and repayment ability.

• Review your expenses and cut back on unnecessary spending.

• Cancel unused subscriptions and memberships.

• Keep your spending pattern consistent to show good financial discipline.

A few months of mindful spending can make a big difference to how much you can borrow.

3. Save a Bigger Deposit

A larger deposit shows lenders you’re serious — and reduces their risk.

• Aim for at least 20% to avoid paying Lenders Mortgage Insurance (LMI).

• Take advantage of government grants or first-home buyer schemes.

• Keep your deposit savings separate to demonstrate consistency.

The stronger your deposit, the more flexibility you’ll have with lenders and rates.

4. Speak to a Mortgage Broker Early

Getting professional advice early can help you understand where you stand and what steps to take to strengthen your application.

• Request a borrowing assessment before you start house hunting.

• Compare options from multiple lenders — not all have the same criteria.

• Work with your broker to fine-tune your finances and increase your chances of approval.

A quick chat with a broker could save you time, stress, and money in the long run.

A little preparation goes a long way when it comes to improving your borrowing power. If you’re looking to buy within the next 6–12 months, our team at WestGen Finance can help you get your finances loan-ready and find the right strategy for your goals.

Get in touch today to find out how much you could borrow and start your home-buying journey with confidence.