Browse Forums Home Finance Re: Confirmation on loan amount 2Feb 23, 2016 2:44 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Confirmation on loan amount 4Feb 23, 2016 3:23 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Confirmation on loan amount 7Feb 24, 2016 10:26 am Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Confirmation on loan amount 8Feb 29, 2016 9:40 pm Hi OP, Just thought I'd chime in given you're asking about wanting to borrow more money than your broker had told you was feasible. You may be right in thinking some other lender would give you more money, but then again, just because a lender may say 'yes' doesn't mean it's a good idea. I'd recommend you check out this calculator which can assist you modelling scenarios where you might experience mortgage stress. We're at record low interest rates at present, so I'd like to assume your broker was being competent in recommending that max borrowing capacity. Personally, I think that borrowing capacity already seems large given the scenario you describe (i.e. $75k income supporting 2 adults and a child). Perhaps you have zero by way of other commitments, but even then, unless you have a large amount of savings you're keeping out of the purchase equation to manage running a house, unforeseen bills and potential interest rate rises, it's probably not the best idea to go and commit to a further $60K worth of debt. Hope this helps. Naritas Finance w: https://www.naritas.com.au l: https://www.facebook.com/naritasfinance t: https://www.twitter.com/naritas 10 4621 Sorry to hear. All the advice you are going to get on this one comes down to what your contract says and what variations are allowed and the mechanism for them. For… 1 1620 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19789 |