• August

    17

    2014
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  • 0
To split or not to split?

To split or not to split?

You might not be fussed if you have enough income to make extra payments on your mortgage every month – but for those that are struggling to find a property in their price range – $20,000 or $50,000 more in borrowings can be the difference between buying somewhere you can live or in being priced out of the market!

Many people aren’t aware of the way that different lenders calculate how much you can borrow.

You may have tried the online calculators, but these will never replace an experienced professional from doing a real assessment of your financial situation.

There are benchmarks for varying items such as your credit card limits, rather than how much you owe on them. Lenders also vary as to the “buffer” that they apply to your expenses and loan balances.

You may feel that you can afford $2500/month in mortgage repayments, however one lender may believe that you need an extra buffer of an additional $300/month, whilst another may believe that you require an additional buffer of $600/month.

So you may know that you can afford the mortgage repayments with their current interest rates, however some lenders will not allow you to borrow this amount unless they think you can afford the repayments if the interest rates were ever 8%. Even if their interest rate is only 4.43%!

You will benefit immensely from seeing someone whom has access to a variety of lenders, whom can calculate where you can get the most out of your borrowings.

This is why you will benefit from working with a loan specialist such as at Bee Finance Savvy, as we are highly technical in the background, yet completely down to earth when working with you.

Call us today on 1300 140 554 or email us at enquiries@beefinancesavvy.com.au.

 

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