Curious How Much You Can Borrow? Find Out On 1300HomeLoan!

Before you even consider applying for a mortgage or home loan, you will need to figure out just how much you will be able to borrow. Fortunately there are plenty of tools on 1300HomeLoan you can use to figure that out! Let us take a closer look at the “How Much Can I Borrow” tool!

What Do I Need To Take Into Account?

Most people who calculate the amount they can borrow do so solely based on their income. However, this can be a big mistake, because we all have expenses that can seriously reduce the repayment amount you can afford.

When you start calculating the amount you can borrow, you will need to take into account the term you want the loan for, the interest rate and the type of application. For example, are you applying for a mortgage based on your income alone, or are you going for a joint mortgage?

The income definitely plays a big role in your application though. In general, there are three large groups which you can incorporate in your calculation, more specifically your gross income, untaxed income and any rental income you may acquire over a certain period of time. However, the income is still not the most important thing, because your expenses will also influence the result.

Expenses you may have to take into account are other loans you may have, car loan repayments, your credit card limit and the number of dependants. Based on a combination of income, expenses and loan details, you will find out how much you could potentially borrow.

To make this calculation easier for you, 1300HomeLoan has implemented a tool on the website incorporating all these factors. Simply enter your details and find out how much you can get immediately!

Why Should I Get A Mortgage Broker To Apply For A Home Loan Or Mortgage?

Even though you can calculate a potential mortgage yourself, a mortgage broker is also an essential part of getting the right deal. First of all, a mortgage broker can compare various mainstream lenders for you and provide you with their best mortgage offers. People who are self-employed can definitely get plenty of benefit from a mortgage broker in this aspect, because they usually have plenty of problems getting their loan approved.

A good mortgage broker can also ensure you do not get a rough deal, for example a mortgage with repayments that are too high for your budget. When you take advantage of a mortgage broker, you are more likely to get a better interest rate and repayment term as well.

To find your perfect mortgage broker, please head over to our tools section and select “Find a Mortgage Broker”. Then select your region and you will get a list of all available mortgage brokers in your area.

Can I Contact 1300HomeLoan For More Information On Home Loan Calculations?

Could you use additional information on home loan calculations or would you like us to set you up with a mortgage broker? Feel free to contact us at 1300-466-356 or send your question to enquiries@1300homeloan.com.au.