Home Loans - How much can I borrow
Your home loan borrowing capacity can vary significantly
amongst various lenders. This is due to the fact that each
lender calculates your borrowing capacity using completely
different formula's. So if a particular lender says they won't
lend you the amount you require there is a good chance that
another lender may say otherwise.
The best way to show the differences between the various
lenders is to give you an example. The table below shows the amounts that each
lender on our panel will lend to a couple with one child and incomes of $40,000
p.a. and $30,000 p.a. respectively. The couple also have a credit card with a
$3,000 limit and they have one medium sized car.
| Lender 1 |
$453,952 |
Lender 15 |
$360,087 |
| Lender 2 |
$430,357 |
Lender 16 |
$356,152 |
| Lender 3 |
$416,009 |
Lender 17 |
$343,378 |
| Lender 4 |
$407,346 |
Lender 18 |
$341,070 |
| Lender 5 |
$406,759 |
Lender 19 |
$340,822 |
| Lender 6 |
$405,904 |
Lender 20 |
$337,522 |
| Lender 7 |
$403,958 |
Lender 21 |
$328,809 |
| Lender 8 |
$400,085 |
Lender 22 |
$325,810 |
| Lender 9 |
$393,996 |
Lender 23 |
$316,092 |
| Lender 10 |
$386,758 |
Lender 24 |
$299,309 |
| Lender 11 |
$384,517 |
Lender 25 |
$266,587 |
| Lender 12 |
$384,335 |
Lender 26 |
$243,771 |
| Lender 13 |
$374,081 |
Lender 27 |
$196,000 |
| Lender 14 |
$364,522 |
|
|
As you can see there is a massive difference of $257,952
between the lender that will lend the most and the one that will
lend the least.
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