Gold Coast Home Loans Specialists - Reverse Mortgages - Home Loan Deals

What is borrowing power? Borrowing power is the amount you can borrow to finance your property purchase. Your borrowing power is determined by your income, financial commitments, current savings and your credit history.

Your credit history (your past record of repaying loans and credit cards) will also be assessed when you apply for a loan. You can obtain a report on your credit history by contacting Credit Advantage Limited:

Public Access Division
Baycorp
PO Box 964
North Sydney NSW 2059
Ph: (02) 9464 6000

Once you’ve arrived at a ballpark figure for your potential purchase price, you will need to take into account the other charges that will apply to your purchase.

One of the biggest initial outlays you will have is the deposit, which is usually 10% of the purchase price. You should also allow additional funds (approximately 5%) for the taxes, legal costs and insurance associated with buying a property. These are detailed below:

When you are selecting your home loan, consider what features you want in the loan. Some features you may want to consider are:

Ability to make additional repayments to your loan without extra charges.
Ability to make repayments via direct debit, ATMs, Internet and phone banking services.
100% mortgage offset facility, allowing you to offset funds in an account against your home loan.
Ability to redraw funds at any time.
No home loan fees.
Can you restructure the loan further down the track?
Variable rate loans

Be prepared – get approval in principle

Approval in principle means you are given finance approval prior to purchasing, if you have fulfilled the lending criteria in principle.

This indicates how much you are eligible to borrow based on the information you provide to us, so you will know how much you are able to bid at an auction or offer stage.
This means that you: