First Home Buyers Sydney

House prices vary considerably in Australia depending on where you want to buy. Before applying for a loan it helps to know your borrowing capacity and how much can you afford to repay.

Working out your borrowing capacity helps you target your property search and understand what financial commitment is involved with your future property purchase. Your budget isn’t only based on what you can borrow. You also need to think about your ability to repay the loan so you can be comfortable with the repayments.

Planning is the key to success

Know your capacity

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Your borrowing power is typically based on a number of factors, such as your income, financial commitments, credit history, savings, employment history and assets. Check out our simple borrowing capacity calculator for a rough estimate of your borrowing capacity.

Track your expenses

Investment Property

Tracking your expenses will help you see what you’re spending, where you can save and what you could afford to repay. A history of regular savings in your bank account and a good track record of employment will make it easier for you to get a loan. Check out our simple budget planner calculator

Apply for pre-approval

First home buyer

With pre-approval in place you can be more confident that you are ready to buy armed with knowledge of your purchase limit. Having loan pre-approval is especially handy at an auction or when looking to secure a sought after property. Loans are usually pre approved for 90 days.

What can you afford to repay?

Your home buying budget isn’t only based on what you can borrow. You also need to be realistic about your ability to repay the loan without over extending yourself so you can live comfortably while meeting your repayments. Your Made For You Finance Broker can talk you through the options available to you, giving you the benefit of our expert and tailored advice.

Want us to do the maths for you? Talk to us today