Did you know not all lenders lend the same? How much you can borrow from one bank to another can be anywhere from a few hundred dollars to tens of thousands of dollars difference.
If you are looking for your new home or investment property it pays to know your upper price limit, also known as your borrowing capacity or borrowing power. Whilst you may not want to spend that amount you can always borrow less.
Many first homebuyers are surprised by the difference in their borrowing capacity from one lender to another – it can be tens of thousands of dollars and is ultimately the difference between moving into the home of your dreams and spending more of your precious weekend time trudging through open homes.
Our Home Finance Specialists can tell you how much you can borrow from a range of banks and lenders in just one consultation, so you can set yourself a comfortable purchase budget. We will also provide you with an overview of your weekly, fortnightly or monthly repayments based on loan type and amount.
Better still, we can arrange a formal home loan pre-approval on your behalf which puts you in a position of power when it comes to negotiating on a contract or bidding at auction.
Tip: You will find plenty of online home loan calculators (we’ve got them too) that will provide you with an indication of your borrowing power but remember, they provide a guide only. A calculator won’t tell you which bank will lend more, how to find other savings or which bank will more openly discount their rate. That’s what we do for you!
In just one consultation we can show you:
- how much you can borrow from a range of banks and lenders
- how much deposit you’ll require and your deposit options
- your weekly, fortnightly or monthly repayments on a range of loans
- a selection of suitable home loans for your situation
- which bank or lender is providing discounts or special offers
- whether you are eligible for additional first homebuyer grants or bonuses
We can walk you through the home loan process, and we’ll even fill out all the paperwork on your behalf! Whether you are just starting to think about buying your first home or investment property or have already found your dream home, we can help.