How Much Can You Borrow For Your Home Loan?
How much you can borrow is determined by your current financial position, usually the following main factors are taken under consideration:
Your Income vs Your Fixed Expenses:
Your current income will be assessed along with your current expenses and outgoings. Outgoings assessed include: general living costs, regular financial commitments to all loans (e.g. personal loans, car loans and other mortgages) and your credit card limits (not just how much is owing on the card).
Your Financial History
Your credit file and financial history will be assessed to determine your ability to meet the loan repayments. Factors including your past debt, your current or expired loans and your employment history will all factor in.
Your Deposit Amount
You will need to provide evidence of a deposit of at least 5%. If approved, RESIMAC Home Loans will allow you to borrow up to 95% of your loan amount.
To get an idea of your potential borrowing power, you can access our borrowing power calculator here
All credit applications will be subject to our usual lending criteria, terms and conditions. Fees may apply. Lenders mortgage insurance may be required. Loans are for residential New Zealand property only.