What can I afford to borrow? How much can I afford to borrow? How much you can afford to borrow to buy a home depends on a range of factors relating to the property itself, your lifestyle requirements and other personal circumstances. There's no point living in the home of your dreams if you can't afford to do other things you really want to do! Our loan Repayment Calculator can help to provide you with initial payment information. Click here and your Choice Consultant will help you plan a budget and see how much you will be comfortable paying towards a mortgage. This helps us calculate how much you can afford to borrow. Are Choice's loans cheaper than Banks? In some cases it may be, in others the advantages lie in getting the loan that best suits your needs. A bank typically has a limited range of loans to choose from - just the loans they offer. When you come to Choice, we help you choose the loan that's right for you from hundreds of loans available from a huge range of lenders. We also believe in the concept of customers for life and will work with you now or in the future, regardless of which lender provides the loan you need. Can I Switch Loans? What are the risks in switching loans? Making the decision to change loans or refinance, is difficult as there are hundreds of loans available from hundreds of lenders. On top of that, there are other factors to consider such as how long do you want your loan period to be, or how much you can afford each month? Some loans have early pay out penalties and other costs you will need to consider. Sometimes re-financing is not the answer, so speak to one of our Consultants to ascertain if refinancing is the right option for you. have a default. What can I do? A default listing will remain on your file for a period of five years. So whilst you can't change history, the best approach would be to ensure the rest of your credit history is 'spotless'. If you would like a copy of your credit record, you can contact a credit reporting agency to ensure your default is listed as paid. Baycorp Advantage is Australia's largest credit reporting agency and can be contacted via http://www.mycreditfile.com.au or by calling (02) 9464 6000. Non Conforming Loans are products which cater for individuals with an impaired credit history. Your Choice Consultant can tell you whether this type of loan can assist you. Click here to find out about non-conforming loans. |
