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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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Guido

3 years ago

Hi Ashleigh Thank you for your question. To calculate your borrowing power I would recommend you go the Governments Money Smart website you will find all kind of calculators which will help you to establish your estimated borrowing power. To get an more accurate calculations I would recommend see a local broker

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Jacques

3 years ago

Hi Ashleigh, the critical question is not which lender, but rather which loan product and loan structure will best suit your short/long-term financial and life goals and aspirations. As a Financial Advisor and Broker I help my clients structure a loan that will fit in with their specific short and long-term cash flow strategies. On a side note please be aware that the cost of an offset account does not always warrant the implied/supposed benefits. You are most welcome to get in touch with me to explore your options further. Regards Jacques Hugo

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Scott

3 years ago

Congratulations on being able to save the amount you have. Your savings place you in a good position to buy however I require a lot more information to determine your borrowing power and work with you also to determine your level of affordability. Whilst the lenders may be happy to lend you a certain amount you are the one who has to make the repayments so it is vital you are comfortable with the repayments. I work closely with all my client to assist them get the best loan for them, this includes educating them about the types of loan available, their pros and cons, as well as aspects to the buying process that are not part of the standard loan arrangement. This includes assisting with your property due diligence by providing recent sales data in the area you are looking, assisting you arrange a conveyancer and all necessary insurances. As you haven't purchased a property before I can manage the loan process for you. The next best step for you would be for us to meet at a time and place that suits you. Please contact me to arrange a meeting.

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Nikki

3 years ago

Hi Ashleigh, you guys have done really well in saving a great deposit , if you are in Queensland and buying a new home you can boost your deposit by $20,000, check it out at https://****itia****gov.au/ . There are several options available to you including split loan facilities where you can hedge against rises in interest rates with a portion of the loan fixed and a portion on the variable so you can reduce your mortgage faster, best to chat first Best Wishes Nikki from The Home Loan Professionals

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Albert

3 years ago

Hi Ashleigh,Congratulation on taking the first steps towards property ownership. There is some great advice here about how much you can borrow so I will not add to them. What I would suggest is two things, firstly prepare a budget for yourself and work out roughly how much you can afford in loan repayments. Lots of lenders might offer to lend you more but if you confident in your budget you will be sure to end up in the right place with you borrowing ability.The second thing I would recommend is sitting down and thinking about the features you would need or like in your banking that will go with your home loan. For example are you disciplined enough to put all your salary in an offset account and still have funds left at the end of the month to make the loan payment? Would you like weekly, fortnightly or monthly payments that are tied into when you pay hits the bank account to help with budgeting. These are the things that will make the transition from renting to owning just that little bit easier.We wish you all the best in your search

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Steven

3 years ago

Hi Ashley from the information you have provided you are in a great position to purchase your first property but more information is needed to work out how much you can borrow. By this I meant any loans, credit cards, HECS debt and children will effect how much you can borrow. I would be happy to help you get a pre approval and I can also present you some property options as we deal with builders Australia wide. Please feel free to contact me.

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Chris

3 years ago

HI Ashleigh, how much you can borrow will be dependent on whether or not you have other debts, HELP payments credit cards, etc.... not to mention the purchase price may limit your options of who you can use and what rate you will pay. i.e. borrowing 95% of the purchase price will generally be at a higher rate and incur more costs than borrowing 80%. Loan size and product features will also affect what is available to you. Ideally we would need more details (especially knowing what sort of purchase price yo are looking at) before we can work out what loan would be better for you to take.

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John

3 years ago

Hi Ashleigh, when purchasing the first home it is good to look for a simple 'no frills' loan with a low rate, an offset account to assist in reducing interest payable and low establishment fee's to name a few simple options to look for.Based on the savings amount of $65k, this will determine the amount you need to borrow which we can discuss.We are always happy to help you get into a loan starting from 3.49% p.a with a comparison rate of 3.79%p.a

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George

3 years ago

Hi Ashleigh. Great question.. and the answer is "it depends" - what can be the best loan for one individual, might not be for someone else... it's all very circumstantial. Ultimately you want to reduce your interest payable as quickly as you can. As for how much you can borrow, some lenders will lend you up to 95% plus lenders mortgage insurance on top. Based on that, $65k should allow you to purchase an established property circa $550k. you will need to provide all your documents to a mortgage broker who will give you a thorough assessment based on your actual situation. the above is just for guidance purposes. hope this helps! good luck

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Matt

3 years ago

Look for the cheapest ongoing variable interest rate loan, with low or no ongoing fees. Based on the limited info provided you would probably qualify to purchase a property around $450,000

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Jai

3 years ago

*** OOPS. RE-POST REPLY WITHOUT MOBILE ***Hi Ashleigh, Congratulations on looking into this big step. It sounds like you’ve saved a tidy deposit and have a healthy joint income.Best to jump on my profile and get in touch by phone or email and more than happy to run over your options.In the meantime, you can see how we were able to get Michael into his first home with a low deposit of $7,800 here: https://****nanc****.au/blog/learn-how-first-home-buyer-got-keys-with-a-low-deposit-of-7800.And you can check out some useful information on our blog here: https://****nanc****.au/blog.Cheers, Jai.

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Daniel

3 years ago

Hi Ashleigh - Generally we seek to understand your situation so that we can educate you on what is available and what the lenders requirements are. This ensures you can make an informed decision on which options will work for you. borrowing capacity will differ between lenders - if you're both on 70k per year and have a 65k deposit then you would be in a good position to start looking into lender options. Happy to chat further and review your borrowing capacity if you are interested.RegardsDaniel - Emanate Finance

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Andrew

3 years ago

Hi Ashleigh, most lenders require a minimum of 5 % genuine savings plus costs as your contribution. In addition, any dependent children and existing debts will need to be taken into consideration as part of the assessment. My recommendation is to put in place pre-approved finance as this provides certainty as to your maximum purchase price. Happy to discuss further your requirements. Regards Andrew at Handle Wealth Management.

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Jai

3 years ago

Hi Ashleigh, Congratulations on looking into this big step. It sounds like you've saved a tidy deposit and have a healthy joint income. Would be happy to look over all this with you over the phone - give me a buzz on 04**** 861.In the meantime, you can see how we were able to get Michael into his first home with a low deposit of $7,800 here: https://****nanc****.au/blog/how-much-is-mortgage-insurance.And you can check out some useful information on our blog here: https://****nanc****.au/blog.

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Matt

3 years ago

Hi Ashleigh. There are lots of factors involved when determining servicing from lenders. We have over 25 lenders and their criteria all differ depending on current loans, how many dependants you have, credit cards etc. so very hard to give you an approximation. Best bet is to click on our details and give us a call or drop us an email and we can assist you further (obligation free).

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