When choosing any loan it is extremely important that you choose a product that suits your immediate and future needs. North West Finance understands these needs and will help in the selection of a loan that will most suit you.
The Home Loan market is becoming increasingly competitive and it’s vital you get the right advice when choosing the loan that’s right you.
With access to all the major Banks and over 30 in all we can review all types of loans and products including:
- Standard Variable Home Loan
- Basic Home Loan
- Fixed Rate' Home Loan
- Investment Home Loans
- First Home Owner Loans
- Line of Credit Facility/s
- Professional Packages
- Lo-Doc Home Loans
- Pre-Approved Home Loans
How much can I borrow is something everyone should find out well before they start looking for property.
Once you know your home loan borrowing power, you will know what home you can afford to buy and where you can afford to live, and you are also on your way to making sure you get the most appropriate home loan for your specific circumstances.
Different lenders assess your borrowing power differently
There can be a substantial difference among what different lenders will allow you to borrow.
There are a number of different reasons for this, so even if you do use a home loan borrowing calculator to find out how much you can borrow, some caution needs to be taken.
Lenders take into account:
- The maximum cost of the property you want to purchase (including purchase costs if there are to be included in the loan).
- The size of your deposit.
- Lenders will use a higher stress rate which factors for potential interest rate rises during the course of your loan.
- They will typically review all your income sources and expenditure, add a margin for safety and then calculate your uncommitted monthly income.
- This uncommitted monthly income is the most important factor - the greater it is, the larger your borrowing capacity overall.
Contact us to arrange for an obligation free consultation with one of our staff to discuss your funding requirements.