How Stable Are Your Finances?

If you have been saving your money for a few years now and are considering buying property for the first time, you may wish to do a quick check up on your finances.

One of the most common questions that prospective buyers have is, how much can I borrow?

While it is an important one to ask, you may wish to take a broader look at your all-round financial situation.

This will help you to prioritize your saving strategy and get a comprehensive view of not just your borrowing capacity but your ability to make payments and long term financial plans.

An easy way to get started is to put your income and expense details into a ‘how much can I borrow’ calculator. This will give you a general idea of how lenders may view you as a borrower.

When you are looking to delve into the specifics, it would be best to organise a chat with a local mortgage broker.

Experienced with all types of lenders and products on the market, these professionals can help you take a critical look at your income, debt, savings, expenses and all other relevant information to determine if you are financially prepared to take on and manage a mortgage.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.