What You Can Borrow or What You Should Borrow?

StartFragment The amount you can borrow and the amount you should borrow are sometimes two very different things. Before you apply for a home loan, it makes sense to realistically assess your financial situation. Here’s how to do it. Understand your borrowing capacity Generally speaking, your borrowing capacity – what you can borrow – depends on a number of factors, including: your income your monthly expenses your existing debts how much deposit you have saved current interest rate type of loan whether it’s a principal, or principal and interest loan the term of the loan estimated repayments. However, knowing the difference between what you can borrow and what you should borrow is very impo

Confused about Home Loan Pre-Approvals? Follow These Four Steps.

Ready to buy a property? You’ll need to show the seller you have enough money. For most people, this will mean getting a loan, and the first step to getting one is obtaining pre-approval for it. Pre-approval – also known as conditional approval or approval in principle – is an indication from a lender as to how much you can borrow. If you have pre-approval, vendors and agents know you’re serious about buying. Here are the steps you need to follow. 1.Gather your financial information To get an idea of how much you can borrow, and therefore what you can afford to buy, you need to give your credit adviser (mortgage broker) a comprehensive picture of your finances. This includes your income and

Herron Todd White Month In Review - October 2016

Good old Brisbane has seen the broad gamut of market activity from feast, to famine, to… “mehh”. By that I mean, here we are in one of the most attractive, saleable and liveable cities on the continent… and we still haven’t seen our market firing strong right across the board. There have certainly been winners and losers but overall, average punters were expecting bigger value gains in the past four years. A lot of talk in 2013 was around Brisbane being ‘THE’ place to invest, but it’s generally failed to rise to expectations. Enough of that – as the oil baron said, “It’s time to drill down!” At present, there’s no doubt the strongest markets continue to be within 10 kilometres of the CBD. Th

RBA Interest Rate Decision October 2016

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year, but growth in global industrial production and trade remains subdued. Actions by Chinese policymakers have been supporting growth, but the underlying pace of growth in China has been moderating. Inflation remains below most central banks' targets. Commodity prices have risen over recent months, following the very substantial declines over the past few years. The higher commodity prices have supported a rise in Australia's terms of trade, although t

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