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How Much Can I Borrow?

By Shimei Yang

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

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