Working out how much you can borrowing for your first home helps you focus on property search in a market you can afford. We’ll show you what repayments will look like and help you budget for financial commitments of a mortgage..
1. Do your calculations - our website has a simplee borrowing capacity calculator that works out a rough estimate for you.
2. Apply for pre-approval
With pre-approval you have a pre agreed purchase limit in your pocket. This pre approval generally lasts for 3 months and gives your bargaining power in the market
3. Know the criteria - Lenders all have different criteria and that is where a broker comes in handy. We review your income, debts, financial commitments, credit history, prefered loan type, employment history, savings, stability of residence and assets.
4. Talk to your Mortgage Choice in Wynnum broker
George Cremona Mortgage Choice in Wynnum can take you through all the available options and a borrowing eligibility so as a first home buyer you’ll have a clear idea of what you can afford.
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