Finding out the answer to “how much can I borrow for a home loan” should be where you begin in your homeownership journey.
No1 Property Guide is different to any other home loan lender. We approach this question differently because we understand that everyone comes from unique situations.
In this article, we’re going to walk you through the steps you need to take to find out how much you could have access to for your new home.
What do lenders check when deciding how much I can borrow for a home loan in Australia?
This can vary from lender to lender, but it generally involves the same few eligibility criteria:
- Financial stability and independence
- Credit history
- Existing debts
- Deposit amount
This last one can often be the difference between an answer you like, and an answer you can’t work with.
Many banks and lenders won’t tell you how much you can borrow for a home loan until you can show them a 20% deposit.
This is where No1 Property Guide differs. After a simple conversation, we will understand your basic details and can provide you with your options. We offer No or Low Deposit solutions to people from a variety of circumstances and backgrounds.
And if we can’t provide you with a solution today, we will help you to create a future-proof plan and check back with you in a few months.
Can’t I just use a home loan calculator?
Yes, you can.
A home loan calculator generally makes various assumptions. These online calculators, while helpful in getting started, don’t give you the full picture. They don’t provide you with the same individual touch that a person can. They also can’t show you the alternative options that may be available to you.
The results of a home loan calculator are only an estimate.
To get a true answer to this question, you need to talk to a specialist like the ones we have here at No1 Property Guide.
So, it’s possible to buy a house with no or low deposit?
Not just that, but it’s possible to plan, design and build your brand new dream home. We have access to lots in premium sought-after estates in close proximity to world class amenities.
You can view our current build locations here.
How do I get started?
To found out how much you might be able to borrow, contact us today!
Remember, we offer No or Low Deposit house and land packages and we don’t judge you based on your current situation.
Ultimately, the decision will rest with you – keep renting, or start building your dream?