| | Finding out how much you can borrow is an important step so you can look for houses in the right price range. | | How much can you borrow?
There are two ways you can find out how much you can borrow: - Get an initial estimate using our 'How much could I potentially borrow?' calculator
- Apply for a conditional pre-approved home loan (which means giving us more detailed information). You can apply online or contact us and arrange an appointment.
The amount you can borrow will vary according to your specific situation. It depends on a number of factors including: - The value of the home you want to buy
- How much deposit you have (if any)
- Your income
- Your ability to repay your home loan i.e. how much money you will have to put towards repayments after you’ve accounted for your regular expenses
- The type of home (freestanding house, apartment, etc.).
If you have a low deposit or even no deposit at all, you may be able to use family help to cover some of the deposit. Talk to us about your specific situation as there are a range of options available to you. Generally when the amount you are borrowing is over 80% of a property’s value, a Low Equity Premium on a graduated scale will apply and a Registered Valuer's Report will be required. Try our simple calculator to work out your home loan to property value ratio.
Next page | Your home loan pre-approval >>
The content on our site is for information only. You should obtain professional advice relevant to your circumstances. Our lending criteria, terms, conditions and fees apply. Eligibility criteria apply for FirstHome options. Contact us for more details. | | Tip: Don't over commit yourselfMake sure you’re comfortable with the amount you plan to borrow and your repayments. Remember you still have to live – and it’s no use owning your dream home if you can’t sleep for worrying about the mortgage.
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