Borrowing capacity is one of the first things anyone wants to know when considering a mortgage.
How much can I borrow is a top Google search term and many people tap into the online mortgage calculators to understand how much they can borrow.
However, as I’ve discussed previously, an online mortgage calculator will only give you a rough guide on your capacity.
As such, many borrowers turn to a mortgage broker to maximise the amount they can borrow, or to ensure they are getting the best home loan for themselves.
In 2019, the Mortgage and Finance Association of Australia estimated that mortgage brokers claimed almost 60 per cent of the home loan market.
On average, mortgage brokers have around 34 lenders on their panel – that’s 34 different financial institutions that can lend money for a mortgage.
Each lender may offer multiple products and it’s the mortgage broker’s role … Read more