How Much Can I Afford?
You’ve decided to buy a house - congratulations! Now, where to start?
A good place to get your home buying adventure off and running is by finding out what you can afford.
You probably know that those multi-million dollar properties on the first page of the property section are not within your price range, but do you know which properties actually are?
A loan calculator can help you gain a good idea of your borrowing capacity which you can then use as a guide for what houses you can afford.
A how much can I borrow calculator performs some simple calculations to come up with what lenders are likely to allow you to borrow to buy a home.
There is a small bit of preparation needed - as well as your (and your partner’s, if necessary) income, you will need to know what your regular expenses are, including debt repayments. These will all impact on your final borrowing capacity.
Having this general idea of what you can afford is a great way to start your house hunt.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.