Mortgages - Borrowing power calculator

[Andrew from Vista Financial]

Quite a common question that comes up by members is how much can I borrow on a mortgage/home loan when buying a house.

 

The way lenders/banks assess borrowing power here is quite different to the way it is done in the UK and typically means that people are able to borrow way more than they could have in the UK and in my experience in a lot of cases more than they actually want to borrow.

 

We have a borrowing power calculator available which is very useful to give an idea of what someone might be able to borrow which can be found here:

 

 

 

Borrowing Power Calculator

 

 

 

[Tamara (Homes Down Under)]

Really useful.

Includes other factors like stamp duty and gives plenty of different input options...thanks!

[Andrew from Vista Financial]

Your welcome

[samandcraig]

Your welcome

 

Hi andrew, was just wondering if you could tell me if it's possible to get a mortgage on a 489 visa? Thanks

[Andrew from Vista Financial]

Hi samandcraig

 

Yes it is...typically though the maximum mortgage would be 80% however depending on circumstances it may be possible to borrow 90% with certain lenders.

 

As a temporary resident you will need FIRB approval: http://www.pomsinadelaide.com/forum/money-finance/47538-temporary-residents-pay-5-000-buy-home.html

 

Although this is pretty easy to get if buying a home there is now a fee to apply of $5,000 if the home is under $1,000,000.

 

Andy