Browse Forums Home Finance 1 Dec 08, 2010 3:14 pm Has anyone found those "how much can I borrow" on-line banks info things in any way acurate? Am trying to ascertain how much I could possibly borrow and have found some quoting be more than double my previous mortgage! I don't want to get my hopes up and go into a bank and find out reality is not so good? I don't earn much more than I did when I took out this mortgage so don't see how I could afford double! Anyone found that these on-line queries were similar to what the bank manager offered? Re: on-line queries 2Dec 13, 2010 9:38 am The online calculators are for the most part useless. They are as a guide only. Serviceability is very complex and the policies & methods of assessment vary signficiantly between lenders. Although we use all lender calculators we tend to use one of the banks calculators in particular when our customers ask "how much should we borrow?" as opposed to "how much can we borrow?". Without a doubt two of the major banks give people a little too much money. I would strongly recommend that you do your own assessment based on interest rates rising to 9% and taking into account if you plan to have children in the future / change your lifestyle or income in any way. We're in the process of combining the calculators of five lenders into one easy to use online calculator, however this is a lot of work and will take at least a month or two before it is complete. Speak to a mortgage broker and they can let you know your actual borrowing capacity. They will need to see your full paperwork including group certificates, payslips and statements for current debts to accurately work out your borrowing capacity in the same way that the lenders do. There is a whole lot more to know than just the answers you seek but they are a good start. Overflow outlets have a mosquito proof mesh. These… 3 8419 4 10821 Hi everyone, Looking for some advise. We are about to build an above ground pool in our backyard. There is a private sewer line running under the pool at 1.6m… 0 11753 |