During the initial phase of one’s borrowing journey, it is essential to know one’s eligibility for a mortgage and for how much.
This also provides an estimate of how much a lender can offer to lend you based on your current financial situation.
In order to allow you to determine just how much one can borrow from a lender, certain factors need to be taken into account. Things like income, monthly expenses, existing debts, and other things need to be factored in.
READ MORE: Marriage or Mortgage: Should you forgo buying a house for your dream wedding?
Ultimately, by using this calculator, it can help you decide whether you are ready to take out a loan considering your current financial situation.
To get an accurate reading, you need to know all sources of income, expenses, and loan details.
After entering your income, expenses, and loan details, the calculator will yield a loan balance chart, which provides a side-by-side visual representation of your loan balance and total payment.
The borrowing power calculator calculator will also show the would-be amount that you can borrow. Apart from the amount that you can potentially borrow, this mortgage calculator will also show your hypothetical monthly repayment, fortnightly repayment, or weekly repayment--giving you more options to choose from.
If you are unsure whether to get married or buy your first house or both, start by talking to a license broker sooner than later. At Intellichoice Finance, we will walk you through on which option works best for your current situation without sacrificing anything. Talk to one of our trusted brokers and will guide you through the intricate process of debt management during this time of high uncertainty. Visit our website or schedule your appointment by calling 1300 55 10 45. You can also take a look at our collection of useful calculators to help you better plan and manage your mortgage.