Remember those home loan calculators we discussed earlier? The number they spit out at the end is supposed to be your borrowing power.
But you need to take that number with a grain of salt.
The calculators estimate how much you can borrow, based on your income and living expenses. This is a good first step … but it’s not the final step.
That is because there are many factors the calculators don’t consider, such as your personal spending habits, your credit card usage, possible HECS debt and any other loans you might have.
When we sit down together, we are going to look at all those factors … and others.
And here is something you might not realise – borrowing power can differ significantly from lender to lender. You might be able to borrow $500,000 from Bank A, $520,000 from Bank B and $545,000 from Bank C.
If you have a regular full-time or part-time job with a consistent income, your situation will probably be straightforward. If you are a contractor or self-employed worker with an inconsistent income, your situation will be more complicated.
Either way, as an experienced mortgage broker who works with a diverse array of lenders, we will know which lenders are best suited to your individual situation.