Understanding how much you can borrow towards achieving your real estate dreams should be one of the first steps you take when pursuing property. After all, having a clear idea about the feasibility of your goals will help for a wide range of reasons.
For example, when it comes to taking out a home loan, knowing your borrowing capacity will guide you towards making the most informed decision possible.
Whether its for a construction loan, a first time buyer mortgage or an investment opportunity, putting a value on your borrowing capacity will help you find a property that suits your budget.
Why bother wasting your time looking at homes outside your price bracket? By figuring out your borrowing capacity, you can focus your search on regions and real estate that fits within your budget, which will help facilitate your overall property goals.
You don't want to fall head over heels in love with a property, only to find out minutes later that it's well beyond your means. But having this knowledge will help you to avoid these situations.
It's easy to determine your borrowing capacity. Simply jump online and use a calculator obtain a ballpark borrowing capacity figure. Enter in some details – including your income and expenses – and discover how much you can borrow towards your real estate dreams.
Remember, this figure is only an estimate. To ensure you have the most accurate reading, get in contact with a financial expert. These professionals will be able to take a close look at your status and provide you with clear insight into your situation.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.