At Aussie, our mission is simple. We want to make the process of refinancing your home loan as pain-free and straight forward as possible. So here’s an insight in to how we can help.
Your free appointment with an Aussie Broker.
The first step to refinancing is to meet with your broker. Your first meeting — at our local office, your place, or anywhere else that suits you — will usually take about an hour. Your Aussie Broker will first take the time to get to know you and get a clear picture of where you’re at now and where you want to be in the future. To help you plan the right refinancing solution for you, your experienced Aussie broker will show you how much you may be able to borrow and what your repayments would be.
Knowing your borrowing capacity
To understand your borrowing capacity you need to know how much you can afford to repay each month. That’s why it’s essential to consider all your current and future outgoings to be sure you’re not over-committing.
To decide how much you can borrow, lenders will consider:
- Your income
- Your repayment record — how you’ve managed your past financial commitments, including your current home loan repayments
- Other financial commitments — personal loans, credit and store cards, car repayments, hire purchase agreements.
- Your living costs — including but not limited to household bills, council rates, strata fees, transport and petrol, school fees, entertainment, insurance — they all add up!
When you deduct all of these expenses from your take home pay, you’re looking for a figure that will comfortably cover your repayments and give you some room to move too.
There can be unexpected costs down the track and your lender may even want to see that if interest rates go up, you could comfortably meet the higher repayments.
No one — including lenders — wants to be overstretched, so it’s important to be realistic and consider all the ins and outs when you’re working out your budget.
Having this information on hand will be very helpful for your Aussie Broker in finding the loan that is right for you.