- How much you earn
- How much current debt you have
- How many dependent children you have
- The amount of savings you have
- Which area you live in
Depending on the Lender, some banks may go up to 95% LVR (of the property value – also known as ‘Loan to Value Ratio’). For most banks, 80% LVR is the standard lend without Loan Mortgage insurance. However, under the 2020-2021 First Home Loan Deposit Scheme, for those first home buyers with less than a 20% deposit, the National Housing Finance and Investment Corporation (NHFIC) will guarantee up to 15% of the value of the property purchased to a participating lender for eligible first home buyers.
Call us today to find out your borrowing capacity.