How much can I borrow?
You will be amazed at how varied your maximum borrowing capacity will be with different lenders.
Each lender has different standards which will influence your borrowing power. Factors such as other on-going debt will all affect how much you can borrow.
A complimentary consultation with us will give you a clear picture as to what your maximum borrowing capacity will be. We will need to ask you questions about your income and expenses so that an accurate borrowing capacity can be provided to you.
How much deposit do I need?
Credit policy can change from time to time. Most lenders will now let you borrow between 90-95% of the value of the property. You need to demonstrate good savings patterns, have no late fees on your repayments or overdrawn fees on your transaction accounts.
Most lenders require a minimum of 5% of the purchase price as evidence of your ability to repay a mortgage. This can be made up of a combination of savings, rent paid and early payment of personal debts.
In some cases your deposit will need to be 20% depending on the type and location of your property.
We will also discuss and process any government grants or schemes for First Home Buyers and help to determine if you are eligible to receive the benefit.
You may need to allow for Stamp Duty. Stamp Duty will vary depending on the State, purchase price and if you are eligible for any exemptions. Lifestyle Finance will give you an indication of how much stamp duty will apply to your purchase.
Please contact us to discuss your personal situation for a full assessment.