For
an estimate on how much you can borrow go directly to our
online
calculator
To
get an accurate assessment on how much you can borrow from multiple lenders go
directly to
our
online form
What lenders look for?
Lenders look at two things when they
determine how much you can borrow.
Your capacity to service the debt
Firstly, a lender will look at your income.
This can be in the form of income from your
work, investments, government support, child
support payments and anything else that
provides a regular source of income.
Secondly, they will look at the debts you
have to commit to each month. This includes
home loans, personal loans, credit card
limits, child support payments, HECS and any
other debts that you have to pay on a
regular basis. Basically, the more
commitments you have the less you will be
able to borrow.
Thirdly, they look at the number of people
you have to support. If you have a wife or
dependents that you have to support will
also determine how much you can borrow.
Your deposit or equity you can contribute
to the loan
Today there are a number of lenders that offer 100% home loans, however, this
does not mean you do not need a deposit. You will need to contribute the cost of
government stamp duties, solicitors charges, mortgage insurance and various
sundries. You will need at least 5% in savings to make a purchase.
There are some lenders that will lend 106% of the properties value but their
interest rates are usually 2% higher than your traditional conforming lender.
Finally, lenders want to see that you have the capacity to pay the loan by
showing genuine savings over a period of 3 to 6 months. Alternatively, if you
can prove that you pay rent or paid debts lenders may consider this as an
ability to service the loan.
Did you Know?
The
above online calculator is only a conservative estimate
Lenders
can vary as much as $100,000 in the amount they will lend
Everyone's
circumstance is different...
To find out
the exact amount you can borrow from 35 plus lenders fill in
the short form
here
