If You Rent, The Rent Goes Up Every Year. But If You Buy A 30-Year Mortgage, The Cost Is Fixed.

There is a lot to think about when you look to finance your first home, your next home, a holiday home or an investment property.

At Eclipse, we’re here to take the stress out of this experience by helping make it as easy as possible. We’ll step you through the process, so you’ll know what to expect and what information you will need to gather.

How Much Will You Be Able To Borrow?

One of the biggest questions is how much you can borrow.

When it comes to home loans, your income plays the leading role. But there are some other important factors too:

  • What have you got as deposit?
  • What kind of property are you trying to buy?
  • How does your income look over the next few years?
  • What are your living expenses?

To give you an indication on what you could borrow, use our handy calculator below, or better yet, get in touch with us today.

Mortgage Calculator.

The interest rates that are applicable at the time will be also be considered when deciding how much you will be able to borrow. But every bank has different lending criteria. This means that one bank may lend you a lot more that another on exactly the same day, given exactly the same circumstances.

Restrictions on loans for people who don’t have a 20% deposit recently become an additional challenge for first home buyers.

This is where a mortgage broker can help, by working through all the different options available to make sure you get that dream home and the best deal.

And the good news is, if you’ve been turned down for a loan by your bank (even if you have been a customer of theirs for a for a long time) it doesn’t mean that you won’t be able to get a loan from anyone else.