Home Loans & Mortgage Refinance
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How Much I Can Borrow
Find out how much you will be able to borrow by applying for
a loan pre-approval from a lender of your choice. Remember that depending on the
loan costs, terms, rates an fees there can be quite a difference between loan
qualifying calculators used by lenders.
However just to get some idea, you can use the calculators provided on the
lender websites.
Remember that the calculators only perform a rough calculation and the only way
you will be able to have any confidence in the amount that you can count on from
a lender – is by going through a formal loan pre-approval application.
Once pre-approved formally, most lenders will stand by their pre-approval for a
period of at least 3 months. After that time you will be required to re-apply
for another pre-approval.
Any pre-approval given to applicants is always ‘subject to valuation’. That
means that once you make a property purchase at say $300,000 you will need to
have your lender value the property to ensure that they accept is as being worth
$300,000.
Occasionally borrowers pre-qualified for $300,000 (for example) and buying for
$300,000 may find that the lender will only value the property for $280,000. In
such circumstances an additional deposit may be required or you could try
another lender to see if they will value your purchase at it’s purchase price.
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