This is the most important thing you need to know before you start looking at property. How much you can afford to borrow will depend on your current income, your assets, your living expenses and the deposit you have saved. Your borrowing capacity will also differ from lender to lender. An Assured Lending Mortgage Broker can do a cost & obligation free calculation on your maximum borrowing capacity based on your specific circumstances.

The maximum loan lenders are prepared to offer for an owner occupied property is 95% of the property value including fees.  This means you need to save 5% of the value of the property plus all fees. If you have a family member who is willing to offer their property as a security guarantee, your deposit can be less than 5%. An Assured Lending Mortgage Broker will quickly assess what the minimum deposit amount is that you will require for your specific circumstances.

A home loan pre-approval is a conditional approval by a lender to loan you up to a set amount, as long as the property you purchase meets the lenders requirements. A pre-approval will give you the confidence to start your property search, knowing you are eligible for a loan and providing you with a set budget to work to when looking for a property.  Once you have found a property, having a preapproval already in place means you can get your loan approved much faster. Most pre-approvals are valid for 3 months and can be renewed if you don’t find a property in this time. A pre-approval has no cost or obligation and can be arranged by an Assured Lending Mortgage Broker with over 30 of Australia’s leading lenders.

There are many grants & exemptions available to first home buyers to enable you to get into your new home sooner. These vary from state to state and all come with different eligibility criteria. An Assured Lending Mortgage Broker can check your eligibility and let you know how much you can save.