How Much Can I Borrow?

One of the most frequently asked questions in home finance is – how much can I borrow?

Your borrowing power will give you a good idea of how much you can borrow to purchase a property.

Your borrowing power will vary between banks and lenders because they use different methods to assess your capacity and have different lending criteria.

As a guideline, when determining how much you can borrow banks and lenders will look at:

• Credit card limits
• Income and types of income e.g. casual, contract, full-time
• The size of the loan compared to the property value
• Number of dependents and their situation
• Type of loan
• General living expenses, and
• Existing asset position ( including the size of your deposit)

Book a free appointment with a home loans expert Call Michael Mobbs on 0401 995 017