If you could pay up to $600 a week off a mortgage, approximately how much could you borrow currently?

Hi Dan,
Unfortunately it isn't just how much you have available that will determine your borrowing capacity, there are other factors and set calculations that will be used by lenders such as minimum living expenses.
However repayments of $600 per week would allow borrowing of around $500,000
Find yourself an experienced broker who will match the features you need to the best available rate for that product
Good luck
Scott

Hi Dan

Unfortunately banks and lenders will not loan you money based on how much you can repay.

As brokers we try to work out how much you can borrow based on how much you earn, how much you owe (and its associated monthly commitments) and what your estimated living expenses are. From that we would be able to work out how much you can borrow.

This figure will of course change depending on product and lender. It is from this that we can then work out how much the repayments are.

Love to continue the conversation and learn more about you and what your needs are.

Looking forward to your responses.

Regards
Dien Le

Hi Dan,

There are several factors that a bank will take into consideration when determining serviceability for a loan, including family income, current assets and liabilities, number of dependants, and credit history.

Different lenders will also have slightly different requirements, and it will also be influenced by whether it would be for an own home or an investment property.

It would be worthwhile to talk to someone who after understanding your overall situation would be able to guide you on your options.

If you have any further questions don’t hesitate to contact me on 07 3144 3100, and I would be happy to point you in the right direction.

Regards

John Hutchinson
Announcer Financial Planning
www.announcer.com.au
jhutchinson@announcer.com.au

Servicing a loan is not simply calculated by how much you can actually pay off, but the banks all have different ways of calculating how much you can borrow according to your income and will need to be assessed in relation to your FULL financial position ie all current debts...You will need to have a full financial analysis completed prior to your loan being approved and then the broker can analyse how quickly you can pay off the debt by paying your $600 per week.
Give me a call if you wish to discuss.