Frequently Asked Questions

It's possible to borrow five times my salary for well-qualified homebuyers. To understand the amount any mortgage applicant may borrow, we explore borrowing capacity and an example. The borrowing capacity calculator takes into account an applicant's income and expenses

We know banks that will only require a 5% deposit! Generally, this applies when your income is sufficient to cover the loan repayments, you have stable employment and a good credit history with no defaults. lenders mortgage insurance (LMI) applies to loans for more than 80% of the property value.

Mortgage lenders need you to provide them with bank statements so that they can verify your income and affordability, check for any risk factors and see your deposit funds.

Acts in your best interest

Unlike a financial representative at a bank, who is paid to sell only the bank's products, the mortgage broker acts independently and can provide impartial advice on selecting the financial institution that is best suited to arranging your mortgage.

Most often, loans are declined because of poor credit, insufficient income or an excessive debt-to-income ratio. Reviewing your credit report will help you identify what the issues were in your case.