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)
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