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When considering a property investment, it is important to understand what you can borrow and how much you will be required to repay.
When considering a property investment, it is important to understand what you can borrow and how much you will be required to repay.
When investing in property, it is important to understand what you can borrow and how much you will be required to repay. We have developed several calculators to help you get an idea of what you can borrow and what you can afford to repay.
A borrowing calculator estimates how much you can borrow based on your income, expenses and other factors. However, banks have their own borrowing criteria that may differ from what the calculator suggests.
That’s because, when applying for a loan, some income like overtime payments may not be taken into account by your lender. It can be easy to underestimate your living expenses and when you apply for a loan the lender may want to know more about your spending patterns before approving a borrowing amount. As an investor, you’ll want to start with your borrowing power as an indicator for what types of properties you can start looking to invest in.
When you’re applying for a loan, it can be helpful to use a borrowing calculator as a guide. But it’s no substitute for speaking with a My LMI Group Mortgage Broker.
Knowing how much you can borrow is an important part of understanding what you can afford to pay for an investment property. The next step is to calculate your regular mortgage repayments. This helps you work out your cash flow and gives an idea of your ongoing expenses.
Online repayment calculators can be used to show possible repayments, terms and interest rates. They also make it easy to estimate how your repayments could change if interest rates rise or fall.
You can also estimate how much interest you’ll pay on a loan, as well as the total amount of interest you will pay over time.
The interest rate you enter into the mortgage calculator can have a significant impact on the size of your repayments. You might be able to secure a lower interest rate by speaking to a mortgage broker. A lower rate can reduce your monthly payments, leading to lower overall interest paid and quicker repayment of your loan.
A calculator is a useful financial tool that allows you to discover how much you can borrow and what the repayments might be.
Your LMI Group broker can provide you with more information and use our mortgage repayments calculator.
Let our team of financial experts help you.
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