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Step 2 -How much can I borrow. |
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Now that you know the total amount you can devote to mortgage repayments, you should determine how much you can borrow At Discover Home Loans, we will advise you how much you can borrow based on your income, debts, assets, number of dependants and whether you are buying the property alone or with somebody else.
The costs you will face
The "Borrowing Power" calculator on this site calculates a generous estimate of the amount you will be able to borrow and the costs you will face depending on which state you live.
Remember to set enough money aside for the deposit, which is usually a minimum 10 per cent of the value of the property. You also need to pay for stamp duty on the property, which will cost several thousands of dollars, depending on which state you live.
