17 Oct 2021

How Much Loan Can I Get if My Salary is $15,000?

Several factors determine a homebuyer’s borrowing capacity. Salary is one factor. If you earn an income of $15,000 per annum, we can help you calculate how much loan you can borrow.

For example, if you have zero expenses and only your mortgage, you can borrow $247,000 at 3% over 30 years. As your expenses increase, the loan amount decreases. Homebuyers who earn a net income of $15,000 and have monthly expenses of $1,000 see a decrease in their borrowing capacity. The loan amount drops to $50,000 at 3% over 30 years.

Lenders search for loan terms where the applicant earns three times their monthly repayment. It ensures that they have enough money left over for expenses and emergencies. As a homeowner, it’s important to keep a cushion for maintenance, repairs, and replacements. 

The good news is that it’s possible to become a homeowner with a humble income. Your borrowing power increases if you provide a 20% down payment. In addition, a guarantor helps your application too.

Working with Mortgage House opens several opportunities to homebuyers with a net income of $15,000. If you’re searching for a personal loan, our loan specialists explore potential terms. We also offer car loans and business loans to current customers. 

How Much Loan Conclusion

To figure out how much loan you can borrow based on your income, explore our Mortgage House mortgage calculator. In addition, contact our loan specialists. Our team is ready to answer your questions. They have access to tools that evaluate all applications promptly.

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