Before purchasing a property it is always important to get an idea of how much you need to borrow.
How much you can borrow will depend on several factors including:
- Your income
- What you are buying (home or investment)
- Eligibility for First Home Owner Grant
- What deposit is required
- Other loan repayments and commitments
An important factor to consider is how comfortable you are financially to repay the proposed loan. It is imperative that you do not over stretch yourself, it is best if you sit down and work out a budget and understand how much you have left over to repay a loan comfortably. You should also factor in interest rate movements as this will affect your repayment amount.
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