The How Much Can I Borrow calculator gives you a good guide as to what you can borrow from the major banks. You would obviously need to clarify this further with your mortgage broker or bank, but you can use the calculator above as a rough guide to help you.
To use the How Much Can I Borrow calculator, you need to enter all of the information in the required fields to accurately calculate your results. Your results will show the amount you might be able to borrow, and based on this the calculator will provide you with your monthly repayments and total interest payable.
You can also view the interest and principal against the number of years to pay as a graph so you can visually see this too.
Remember, when buying a property, it is important that you don’t overstretch your budget and you always comfortably buy a property well within your budget to reduce your financial risk. If interest rates were to rise for example, then you still have some capacity to finance this.
To find out more about the amount you can borrow from a bank or lender, it’s best to speak to a Mortgage Broker. Our in-house Mortgage Broker can help you, whilst our Property Consultants can provide you with a guide as to the available property options which meet your budget.
Give the iBuyNew team a call today to find out more about property and your borrowing capacity. Call us on 1300 123 463.