How much can I borrow?
Finding out how much you can borrow is not as easy as plugging in your salary on a mortgage calculator online. For an accurate indication of your borrowing power, a number of factors have to be considered including:
- Your income
- Your expenses
- Your assets
- Your debts
- Your credit rating
- Your employment status
- The length of time you have been employed in your particular industry
- Whether or not you are self-employed
- Whether or not you have savings
- Whether you are borrowing money on your own, or together with another person
At Educated Finance we have been providing pre-approvals and estimates on how much people can borrow for many years. We know what questions to ask, and we have the best home loan calculators on the market at our disposal.
In addition to this, we have gotten to know the many different lenders we work with personally. All lenders have different criteria, so we can assess your circumstances and help you choose a lender with a product that suits you from the start. What’s more – if for some reason you don’t fit the standard criteria for a particular lender, we have the ability to contact lenders personally to explain away some of those minor factors that might cause your finance application to be declined if it is not in the hands of an experienced broker with a huge array of industry contacts.
Don’t get caught in the trap of relying on a calculator on a website to see how much you can borrow. Get in touch with one of our finance brokers who will give you an accurate indication of how much you can borrow based on your individual circumstances – and best of all – we will do it for free!
How do I compare home loans?
One of the biggest mistakes people make when it comes to their home loan is not comparing their existing loan to its competitors. The home loan market is very competitive, and that means that lenders are battling for your business. This means that on any given day there are dozens of different home loan products on the market and you might be selling yourself short if you just assume that your loan product is the best fit for you.
There are many different types of home loans that address different people’s needs, such as:
- People who are just looking for the lowest rate
- People who want stability and consistency and are looking for a fixed rate
- People who want loan flexibility, and might be looking for a loan with a re-draw facility
- People who are chasing capital growth, and might want an interest-only repayment structure
- People who want to pay off their loan as fast as they can who need flexible repayment terms
- People who want to be able to regularly switch home loan providers and want to avoid break costs
The important thing to remember is that no two home loans are the same. Every lender offers different benefits to their customers, and has different restrictions and conditions in relation to their products. Our job is to sift through all of that information and find the best home loan that suits you.
It might be that you are buying another property or simply refinancing in relation to a property that you already own, but shopping around can save you thousands – and the team at Educated Finance are experienced shoppers!
Do you have a free online budget planner?
We sure do! One of our biggest roles as your one stop finance shop is to help you put in place long-term planning so you can achieve your goals.
Whether you are saving to buy a house, to start a business or to upgrade your car, most lenders want to have a look at your finances to see if you will be able to:
- Service the loan (make your repayments on time, every time)
- Exercise discipline (have you been saving? This shows the bank that you are serious about your goals and are responsible with your money). Part of the service we offer is to sit down with you, review your financial situation and provide you with a budget planner so you can set goals and achieve them with ease.
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See why people choose us
The team at Educated Finance are knowledgeable and very helpful. They have helped and guided my Husband and I through the purchase of our first home and the refinancing of our loan. They are approachable, accessible, and always willing to help. We couldn’t be happier with the team at Educated.
Raine + nathan
Extremely helpful, professional, and very approachable. I couldn’t have asked for a smoother, easier transition into becoming a homeowner. Thank you so much to Educated Finance and Matthew!
Sarah + Justin
Would love to thank Serena and the team from Educated Finance immensely for providing exceptional service time and time again. I cannot thank you enough. Fantastic service would recommend to anyone thanks for all your hard work.
Katrina + Loyd
Cannot fault the amazing Serena at the Penrith office – hands down the best person ever! Annnnd so far doing a sensational job helping us through the maze of refinancing our home loan – thank you!