03 Nov 2022

How Much Loan Can I Get If My Salary Is $15,000?

There are a wide variety of factors that influence a loan applicant’s borrowing power, including salary. If an individual has a salary of $15,000, their borrowing power will be affected by their monthly expenses, debt, amount of dependents, financial history, and credit score, as well as various other types of financial factors. 

Calculating the borrowing power of applicants allows lenders and mortgage brokers to determine an applicant’s risk factor as a borrower and their ability to adequately meet the required loan repayments. Lenders will also use this calculation to find a loan option that allows the borrower to make up to 3 times the required monthly repayment amount. 

An applicant with a salary of $15,000 may find that their borrowing capacity will increase if they have a large loan deposit amount, high credit score, and responsible financial history. 

Individuals can increase their borrowing capacity through a wide variety of methods, including the following examples:

  • Boosting their credit score
  • Improving their financial history
  • Saving for a larger loan deposit
  • Making consistent debt and bill repayments
  • Cancelling any unnecessary credit cards
  • Decreasing any high credit card limits

Applicants with a low borrowing capacity can benefit from exploring the addition of a guarantor to their loan. A guarantor is a family member or friend who provides additional security to a loan with the equity they have accrued through owning a home or property. Guarantors are responsible for paying back the loan amount if the borrower defaults on their repayments.

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