Residential property ownership is often achieved by saving a deposit and funding the balance via a mortgage. As such, when looking to enter the property market, gauging our potential borrowing power can be useful.
In this animation, we illustrate borrowing power and the importance of understanding the difference between potential borrowing power (generalised assessment) and actual borrowing power (personalised assessment).
After watching this animation, you may find the following of interest: interest rates; property buying costs; saving a home deposit; stamp duty concessions; loan repayment calculator; borrowing power calculator; HomeBuilder grant program; loan guarantor arrangements; First Home Super Saver Scheme; First Home Loan Deposit Scheme; and, First Home Owner Grant Scheme.
Lastly, a mortgage will most likely be the largest debt (principal and interest) that we pay off in our lifetime—therefore, it’s important to consider taking a proactive approach.