Know Your Power As A First Home Buyer
The philosopher Sir Francis Bacon famously said that knowledge is power; more recently Spider-Man’s Uncle Ben observed that with great power comes great responsibility.
Both pieces of advice are good to keep in mind when you are looking to buy your first home.
It can be easy to feel powerless when dealing with the great forces at play in the property market, which is why first home buyers should be aware of the power of knowing their borrowing capacity.
Your borrowing capacity is quite simply the amount of money that you can borrow to buy your home based on your current income and expenses.
By using a how much can I borrow calculator you can find out this amount and also get an idea of what your monthly repayments will be.
If you plan to continue collecting either texts of renaissance philosophy or superhero comic books - both for their worldly advice, naturally - you can see how increasing your deposit would reduce your repayments, giving you more money to spend each month.
Most importantly, knowing your borrowing capacity will allow you to confidently make a more responsible decision when buying your first home.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.