So, you want to start a business! Starting, buying and the continual running of a business needs the owner to be vigilant in their approach of keeping up to date with the latest trends, advice and applications. A good start will be to visit here often as our expert HDCCI members, with many years of experience in running their own businesses, impart their knowledge. Information relating specifically to business in Hornsby Shire NSW Australia and business in general will be found here. Submitted Articles: The First Steps A Guide to Press Releases Credit Card Limits - A "Hidden Trap" for Home Loan Borrowers Latest Article All new articles submitted by our members will appear here till the next article is online. Credit Card Limits A "Hidden Trap" for Home Loan Borrowers Article supplied by Simon & Lynne Slevin, The Mortgage Gallery Hornsby Not controlling your credit card limit can have a major impact on your ability to obtain a home loan. Credit card limits are just one of a range of 'hidden' traps that The Mortgage Gallery has identified that contribute to clients not being able to secure a home loan at their desired level. The reality is that credit cards can have a major impact on the amount of money a person can borrow because financial institutions assess the borrowings on the limit regardless of whether it has been used. For example, someone who has $20,000 Visa card will be assessed on their loan application that they have fully used this amount even though their current balance may only be say $8,000. The limit can therefore have a major impact on how much a person can actually borrow for a new home loan. By way of example, someone who has a $10,000 limit can borrow around $50,000 more than someone who has a $20,000 limit. This is because the financial institution will assume that a person with a $20,000 credit card has to use additional disposal income to service this higher notional borrowing compared to someone who has a $10,000 limit. In reality, most people use their credit cards for additional expenses and at any one time are unlikely to use the full credit card limit. It therefore makes sense when you are applying for a new home loan to reduce the credit card limit as much as possible if you want to borrow the maximum amount for a home. This is especially the case if a couple is applying for a new home loan and they both have credit cards. Another important point to consider is that it is normal for financial institutions to automatically increase the limit on an annual basis so it is easy for a couple to accumulate a combined credit card limit of $20,000. Credit card limits are just one of a range of issues that home loan borrowers fail to take into account that may impact on whether they can fail or succeed in obtaining a home loan. If you would like any further information please give me a call. Simon & Lynne Slevin The Mortgage Gallery Hornsby Phone (02) 9940 4888 or Mobile 0400 820 351 hornsby@themortgagegallery.com.au www.themortgagegallery.com.au Submit an Article Hornsby & District Chamber Of Commerce Members ONLY Hornsby Chamber Members can submit an article on any related business topic by attaching your article as a word doc to an email or directly into the body of the email to: info@hornsbychamber.com.au Please include article author's name, name of business and website address you wish your acknowledgement linked. Note: Publishing of any article is at the digression of the webmaster. Submitted Articles may be edited by the webmaster. Hornsby Chamber of Commerce Monthly Networking Meetings 1st Tuesday of the Month February - November Venue: Shamrock Inn, Asquith Leagues, 37 Alexandria Parade Waitara NSW Australia Times: 6.00pm - 6:30pm (networking) 6:30pm - 8:00pm (meeting) Cost: Members & Guest FREE, Non-Members $35.00 AUD 3rd Tuesday Lunchtime of the Month February - November HDCCI Berowra & District Sub-Chamber Venue: Varies each month. See homepage for details Times: 12 Noon - 2:00pm Cost: Members & Guest FREE.   Non-Members $50.00 Lunch & Beverages included. 4th Tuesday Lunchtime of the Month February - November HDCCI Women in Business Venue: Asquith Golf Club - Lord St, MT COLAH Times: 12 Noon - 2:00pm Cost: Members & Members Guest: $38.00 ea Non Members: $45.00 Lunch included. Bookings Essential First Tuesday in December Member of the Year Business Awards Venue: Varies. See homepage for details in October Times: 7:00pm - 10:00pm Cost: Announced in October.