We believe it’s less about how much you can borrow and more about how much you can comfortably repay each week, fortnight or month. So we need to look at your income and your expenses, factoring in potential interest rate rises. Then we can tell how you’ll go making mortgage repayments if a rate rise happens.
Mortgage lenders calculate your borrowing capacity by reviewing your income and expenses. They consider any other debt, such as car loans, personal loans and credit card repayments.
Lenders need to be confident you can make your regular home loan repayments so any existing debts you have reduce your total borrowing capacity.
To get a better picture of your financial situation circumstances, our in-house team at Snap Finance will determine how much you can borrow and what home loans you qualify for.