It’s often the first question we ask when we’re considering buying a new home: How much can I borrow?
The truth is, you’ll find a host of mortgage calculators online, such as Money Smart’s mortgage calculator
(their budget planner
is also a great calculator) but mortgage calculators only give you part of the story. There’s a problem with the question ‘How much can I borrow?’ just as there’s a problem with even the best mortgage calculators.
It isn’t just about how much you can borrow, but about which mortgage product suits you and your unique circumstances best. It’s about finding a mortgage that’s right for the home you want to buy, and your plans for the future. It’s about balancing and deciding on a whole host of factors, which no online mortgage calculator can do.