When you use one of our home loan calculators, you will receive an estimate of the amount of money that you can borrow. Since it is only an estimate, you still need to talk with our advisors to get a more accurate picture of your borrowing power.
However, being eligible to borrow a lot of money doesn't necessarily mean that that's the exact amount that you should ask from your lender. You also need to consider one important thing: your capacity to repay the loan. Some people get excited to get a sizable loan without first asking themselves if they can afford it.
Here are some things you need to look into:
Your lifestyle would be a big factor here as well. If you're used to a luxurious life, you might need to temper it down a little in order for you to afford your repayments.
Unless you're doing it already, you have to do a major review of your finances in order to find out how much you should actually borrow. Doing so would definitely help you make your repayments a lot manageable. This is important since you will have to commit yourself to it in the years to come.
It also helps to consult Rate Detective's qualified advisors. They will help you choose the best home loan for you based on your lifestyle and personal circumstances, and even provide you with rate comparisons of Australia's top lenders. After all, you owe to yourself to make the right choice.