- Depends on a number of variables
- Amounts differ between lenders
- Borrowing by yourself or with others?
- Up to 97% available
- 100% loans possible with strict conditions
- LMI helps buy with a small deposit
- Concessions & grants help
- Take the guess work out, enquire now
How much can I borrow?
The amount you can borrow generally depends on the size of your deposit, the value of the property, and your servicing capacity (based on your income and how much you are able to repay). All lenders have limits on how much they will lend you.
Your borrowing ability may also depend on whether you are borrowing on your own or with someone else. There are also loan types available for people (eg. friends) that want to borrow together but keep finances separate, and where family support is provided by way of family members securing or guaranteeing loans.
Typically, a lender will lend 80% of the value of the property and may lend a higher % on certain conditions and loan types, and this may come with stricter borrower conditions (eg. Having a guarantor).
If a lender loans you more than 80% of the value of the property (60% if you’re self-employed and seeking a Low Doc loan) then Lenders Mortgage Insurance is likely to be payable.
If you are eligible for any concessions or grants (eg. The First Home Owners Grant), these can be added to your deposit or deducted from your costs. For more information on deposits go to How can I increase my deposit?
Use our ‘How much can I Borrow’ calculator to get a quick idea of your borrowing capacity, and then contact one of our professional Time Finance Mortgage Brokers to get a full understanding of your borrowing ability.
With hundreds of different loan products in the market from all lenders, your professional Time Finance Mortgage Broker will help get the right loan for you!
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.