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6 Steps to buying a home 6 way apply home laon Saving for your home How much can I borrow	What are the costs? Which loan is right for me? Get pre-approval Search for a property	The buying process First home owner grant Family guarantee

Home Loans > 6 Steps to buying a home > How much can I borrow

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1. How much can I borrow?

Before you start your search for a home, it is useful to get an indication on how much you will be able to borrow. The How much can I borrow? calculator will give you an indication of the amount you can borrow. This is an obligation�free, and totally anonymous tool that will help you determine a price range for your new home. It will give you an indication based on standard ratios and affordability measures. In other words, it assesses your ability to meet repayments for your desired loan amount.

What is borrowing power? Borrowing power is the amount you can borrow to finance your property purchase. Your borrowing power is determined by your income, financial commitments, current savings and your credit history.

makesureloan can lend up to 95% of the property value, however you will need to show that you have at least 10% of the property value in real savings. If you have your cash tied up in other investments, an makesureloan Deposit Bond can help you pay for the deposit until your investments are cashed in.

How much can I borrow? calculator

The makesureloan Loan Repayment Calculator can also help you calculate your loan repayments, how long it could take you to pay off the loan, as well as estimate a loan amount based on a repayment amount entered.

Your credit history (your past record of repaying loans and credit cards) will also be assessed when you apply for a loan. You can obtain a report on your credit history by contacting Credit Advantage Limited:

Public Access Division
Baycorp
PO Box 964
North Sydney NSW 2059
Ph: (02) 9464 6000

By looking at your income (less your financial commitments), you can gain an idea of your repayment capability. You also need to take into consideration your living expenses, so that you can repay your loan and maintain the lifestyle you are used to. If you are applying with a partner, your repayment capability will be higher and therefore you will be able to borrow more.

Loan Repayment Calculator

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