Whether you're a first home buyer looking into Bulimba real estate or a seasoned real estate veteran, understanding how much you can borrow towards your mortgage is an important part of your property search.
Your borrowing capacity is determined by a variety of criteria potential lenders will check against your current standing.
The factors which count towards your ability to borrow include your current income and savings.
But they will also take into account any outstanding personal debts or credit card amounts owing before making their decision.
This is to ensure that the lender can be confident in receiving repayments both in full and on time.
They will also compare the amount you wish to borrow with the amount of deposit you have saved towards the home loan and the overall value of the property in question.
If you wish to increase your borrowing capacity, you should cancel any credit cards you aren't using and settle any personal debts to put you in the best position possible to borrow.
Before you start searching for property, having a chat with a mortgage broker will help you to calculate your current financial standing which, in turn, can help to focus the types of real estate you look at.
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