Home Loans in Townsville

The amount you can borrow depends on factors such as your income, expenses, credit history and the lender’s criteria. Lenders assess your debt-to-income ratio, which compares your total debts to your income, to determine your borrowing capacity. 

They also consider living expenses, other financial commitments, and the type of property you’re purchasing. It’s important to have a clear budget and account for additional costs, such as stamp duty, legal fees and insurance, when calculating affordability. 

Online calculators can provide a rough estimate, but speaking to a financial advisor or lender will give you the most accurate figure.

Get in touch with us today for more information on home loans.

A fixed-rate home loan locks in your interest rate for a set period, offering stability in repayments. This is ideal if you prefer predictability in budgeting or expect interest rates to rise. A variable-rate loan, on the other hand, fluctuates based on market conditions. 

While variable rates may decrease, potentially lowering your repayments, they can also increase. Some loans combine both features, allowing a portion of the loan to have a fixed rate while the rest remains variable. Choosing between fixed and variable depends on your financial goals and risk tolerance. 

To apply for a home loan, you’ll need identification (e.g., passport, driver’s license), proof of income (e.g., payslips, tax returns) and details of your expenses (e.g., bills, living costs). 

Additional documents include bank statements, details of existing debts and information about the property you’re buying. Self-employed applicants may need business financial statements and tax returns. Having these documents ready can streamline the application process and improve your chances of approval. Let us know how we can help by reaching out today.