Page 8 - Smartline eBook - First home buyer

Can you afford to buy your first home?
Buying real estate for the first time is usually the biggest financial commitment you’ll ever make. So, how do you know whether it’s time to step onto the property ladder?
How much can you borrow?
The starting point for working out whether you can afford a home is to understand how much you can borrow. A borrowing power calculator can give you a helpful estimate of how much a lender is likely to let you borrow, as well as what your loan repayments might be.
You should only use this as a guide. When you apply for a loan, a lender will look at your credit score, employment history and other factors to determine the exact amount they’ll lend.
The best way to get an indication of your borrowing power is to talk to your Smartline Mortgage Adviser.
What’s your budget?
Your Smartline Mortgage Adviser can talk you through what your repayments might look like and you can see how a home loan would work with your current budget.
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First home buyer guide