Sorting out how much you potentially can borrow from a mortgage broker is one of the most integral steps you have to take towards purchasing a property.
This is where everyone starts. You essentially figure out how much you can borrow and what you can expect to pay in repayments monthly, weekly or fortnightly. It allows you to almost create your own personal timeline of how your repayment schedule will look over the next 20-30 years and it’s a great way to visualize how property ownership with impact your life.
With the help of our home loan experts you have the ability to really cater your repayments to your needs. Most of the calculations are based on income, whether it will be a joint loan or single loan and what your living expenses are. Having a solid foundation of income, savings and history is really important.
One of the best reasons to consult a mortgage broker early on in your quest to purchase a property is that you might actually be pleasantly surprised by just how much you can borrow. There are a lot of factors that individuals and couples don’t immediately take into consideration so having the help of an expert can really increase your chances of getting the right home loan for you.
Now, just because you can borrow $900,000 doesn’t mean you should. What really matters in making a decision on what to spend is your household budget and how much you have left after you pay your bills and mortgage repayments. If you’re just going to be breaking even, it’s probably too high a risk to take.
Alternatively, you could borrow less (and therefore have lower repayments) and work your way up the property ladder over time.
If you are keen to find out your borrowing power, don’t hesitate to contact one of our experts. We’ll give you an estimate of how much you can expect to borrow.