How much can I borrow
How much of the purchase price can I borrow?
This depends on a range of factors including your personal circumstances, the price of the property and any valuation that may be required (a bank valuation may not be the same as the purchase price) and your existing debts.
Depending on the lender, a bank may be prepared to lend up to 95% of the valuation, depending on your ability to repay. It's worth noting that loans of more than 80% valuation often require mortgage insurance, which the borrower pays for.
Did you know ...
There are more than a hundred banks and lending institutions in Australia ready and willing to arrange a home loan for you ? And each of those lenders have dozens of loan products to fit almost any situation you could dream of ... or dream up !
So, how do you choose ?
For the average consumer it is very difficult to choose one bank from another - after all they all look the same, don't they ? And how do you work out the difference between all the different loan products (surely you'd need a team of economists with more than a dozen computers to calculate the best loan ?)
Should you choose a variable, fixed or split loan (and who knows the difference anyway)
What about a deposit ? With the price of houses these days a healthy deposit is almost impossible to save.
Maybe Mum and Dad can use the equity they have in their own home to help with the deposit (called a "family pledge" loan) ?
And with interest rates changing all the time how do you ensure the best choice for a loan that's expected to last 25 or 30 years ? The whole thing would make you tired just thinking about it !
Most buyers ask us ...
"Is there a simple, time-saving way to wade through all this nonsense and make a fast decision about the best loan to suit my circumstances so I can get on with shopping for a property ?" Yes, there is ! And we've been offering this simple solution to home buyers and mortgage borrowers for years.
Now you too can enjoy the same service. But, what does it cost ? Actually, the service we recommend won't cost you anything.
I know, that sounds ridiculous, doesn't it ?
Here at Prudential Real Estate we have been working with one mortgage broker for many years. And why do we stick with just one broker ? Because he is both experienced and knowledgeable - meaning our buyers get great advice and the right loan, first time, without fuss or bother.
Our mortgage broker is Craig Corbett (pictured above)
His service is pretty simple. You contact him by phone or email. He will then have a quick chat with you about your needs and how he can help. He will then come to your home (so long as it's in Sydney, or nearby). When he arrives he'll discuss your individual circumstances and input the results into his computer. Within seconds he'll be able to suggest the best loan to match your needs.
If you then instruct him to arrange a home loan for you the bank you choose will pay him a service fee for helping you find the right loan and preparing all the documentation (and there's lots, believe me). Mind you the overall cost to you won't be any more than if you went to the bank in question yourself !
Does Craig's service sound like something you would find helpful? If it does, you're welcome to contact Craig at anytime.
CONTACT CRAIG CORBETT TODAY
Phone : 0418 204 120
Email : Click here
Craig Corbett is a credit representative (Credit Representative Number 348512) of BLSSA Pty Limited (Australian Credit Licence Number 391237)