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Frequently asked questions
How much funding will I be able to borrow from my lender?
As a homebuyer, your bank will let you borrow money for your residential property, but they will first look into various factors. You should keep in mind that the end figure might not be similar to your expectations. Here at Mate.com.au, we have made it effortless for you to determine what type of budget you possess through our home loan borrowing calculator. Hence, before you set your heart on the house, find out first how much funding you can loan from your financial service provider.
What does the term 'Lender’s Mortgage Insurance' mean?
If you are a homebuyer who does not possess at least a 20 per cent deposit or 20 per cent equity, you have to pay a lender’s mortgage insurance. Borrowers like you settle this financial protection to safeguard the lender or bank when a loan default takes place.
How do I know if I am qualified for a loan intended to finance my home?
Here in Australia, you can take out a home loan if you are of legal age, or at least 18 years old, and a citizen or resident. But banks or lenders make a decision depending on your reliability as a borrower. Before they lend you money to finance your selected residential property, they would typically evaluate your:
- Credit history;
- Financial commitments, including your regular expenditures; and
- How much financing you want to loan.
Thus, you need to make sure that you are a trustworthy and dependable borrower, and possess the necessary amount of deposit to be able to get qualified to take out the borrowed funding you need.