Ask the Perth Mortgage Loan Consultant

How Much Can I Borrow?

Our Mortgage Loan Consultants have a special loan management software platform. They can load in your personal information and our comprehensive data base of lenders will reveal what each lender would be prepared to lend you! You can then choose your preferred lender or the lender prepared to lend you the most money. Its quick and it’s accurate.

Click here to contact a Perth mortgage loan consultant and receive a response within 24 hours!

Key Factors Affecting Mortgage Loan Borrowing Capacity

How much you can borrow is dependent on your total combined income, your ongoing debt liabilities and your day to day family living expenses.

Lenders all use their own serviceability calculator to accurately calculate how much you can borrow.

Firstly, you load in the number of adults and children living together at home, and if you have a second or holiday home, establishing your total living costs.

Then, your total income is entered into the calculator and includes overtime, bonuses, commissions, new and existing rental income, investment income, self employed income, pensions family allowances and payments.

This is followed by entering all ongoing liabilities. Existing mortgage debt, lines of credit, overdrafts, lease or hire purchase debt, personal and car loans, tax debts, HECS and the dreaded CREDIT CARD and STORE CARD debt.

Once the calculator knows your family structure, your total income and total ongoing liabilities, it allows a margin for flexibility, typically around 1.5%, to make sure you can cope financially if the interest rates rise.

At this point, the calculator will show you your maximum individual borrowing capacity.

By reducing your ongoing credit card limits, or by paying out credit cards and/or personal loans, this will increase your maximum individual borrowing capacity.

Contact a Perth mortgage loan consultant today to find out more about your borrowing capacity!