How Much Can I Borrow If I Have Good Income?
When it comes to applying for a mortgage, the definition of good income has become subjective. Researchers estimate that Australians need an income of at least $60,000 to live comfortably. Money does make individuals happy. To live very happily, some individuals require an income of $150,000.
In terms of obtaining a mortgage, lenders look at applicants with incomes of $30,000. They also look at applicants who earn well into the six figures. The income gets a homebuyer’s foot into the home loan door. However, how applicants spend their income plays a large role in the process too.
Lenders look at the minimum living expenses incurred for the address of every property. They also look at the household expenditure measure and the applicant’s net disposable income.
Mortgage House provides its loan specialists with several innovative tools that apply the lenders’ ratios automatically. The technique allows them to evaluate applications more efficiently. Based on the results of several income stress tests, they can find the Mortgage House loan products that meet their financial goals and needs. We attempt to provide the most competitive loan terms that the applicant can handle according to their financial situation. That’s why it’s important to prepare before applying.
Good Income and the Mortgage Application Process Conclusion
Having a good income helps homebuyers become homeowners. However, lenders apply several lenders’ ratios to ensure that the homebuyer’s finances can handle the new debt. Contact our Mortgage House loan specialists to explore your mortgage choice options.