Depending on which bank you go to, the answer may be very different.
In fact, the difference can be in the hundreds of thousands.
And the difference can be even bigger depending on whether you're buying a house to live in or rent out.
How much can you borrow as an Owner-Occupier?
For example, let's imagine you're a single person, earning $80,000 a year and only have one credit card with a $5,000 limit - and you wanted to buy a home to live in (or as an owner-occupier).
If you came into the office at Mortgage Choice in Subiaco, I would show you the following chart.
This represents the maximum you could borrow from each of our lenders on our panel.
You can see that the difference is as much as $250,278 between the top and the bottom lender.
How much can you borrow as an Investor
Now let's see how much you could borrow if you were looking at buyin an investment property that would rent for $500 per week (or as an investor).
As you can see the difference can be as much as $359,599 between the top and the bottom lender.
Borrowing calculators you will find online will only give you one answer and not necessarily the one that is right for you.
Find out how much you can really borrow
To know that you're choosing the home loan product that is right for you - it is important to have choice and to compare your options based on not only what you're capable of borrowing but also what you're comfortable borrowing.
If you want to know how much you can really borrow based on your own personal unique circumstances and goals, give Daniel Eigenman at Mortgage Choice in Subiaco, Perth a call on (08) 6355 6834 or 0412 022 110.
Mortgage Choice Subiaco, Perth - 2/33 Rokeby Road, Subiaco WA 6008 - Tel: (08) 6355 6834 - Mobile: 0412 022 110