The amount you can borrow for a home loan, often referred to as your borrowing capacity, is determined by several factors including your income, credit history, current debts, and the type and term of the loan you're applying for.
Lenders also consider your living expenses and potential changes to your situation, like interest rate increases or planning to start a family. It's always a good idea to use a home loan calculator or speak with a loan broker, such as Rapid Finance, to get a detailed estimate of how much you might be able to borrow. We can often negotiate better rates and improve your chances of getting your loan approved, without multiple hard hits on your credit file. If you have experienced bad credit, we can often help, when others have failed. We are specialist brokers of home loans with bad credit and can help you through every step of the process, to get your loan approved.