If you've got your heart set on buying property this year, good for you!

You'll need a plan however, so why not sit down with a pen and paper and work out a strategy to achieve your goal.

You might want to start by writing out the following: how much can I borrow?

Finding an answer to this question could be a great first step to developing your property plan.

Mortgage brokers can help you find out what your borrowing capacity is by examining your personal finances.

With their expert advice, you will then know how much you will be able to borrow towards the purchase of a property.

You can use this knowledge to identify a price range you can afford, and then start your hunt for the right place.

By having a realistic idea of what properties are within your means, you will save the time and effort you might have wasted on great places that you would never have been able to afford.

And what's more, it will keep you focussed. If it happens that you want to increase your borrowing capacity, you can look at all sorts of ways to do so.

You might be able to work out an aggressive budget to cut back big-time on expenses and put more money into home loan savings in the short term.

Another strategy is to consolidate debt and to get rid of unused credit cards. Both of these actions can lead lenders to look upon you more favourably.

Alternatively, you might be able to find a better loan product for your situation – your mortgage broker can help you here too.

Take control of your borrowing capacity in 2013 and realise your property owning dream!

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!

Share on:

DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.