mortgage advice

[nathan1974]

hi guy's
were in the process of costing (pricing) of living in perth,does anyone know how the banks(in oz) work out the amount they would lend you regarding a mortgage,ie in the uk its something like 3 times your income.

for example if i was to earn $60k what would i be able to borrow

cheers guy's

[spottydog]

They base it on affordability (i.e. number of people the salary is supporting) and any other credit access you have (i.e. credit card limits).

Try putting figures into a calculator to get an idea:

Calculators - Borrowing Power Calculator - Bankwest

ANZ Home Loans - How much can I borrow?

ING DIRECT Australia - Calculators - Borrowing Power Calculator

[scotty j]

Thanks for that spottydog really helpful that.

[nathan1974]

thanks for that info pal
going by those links and basing it on a salary of approx 60k,we would be looking at a mortgage somewhere around 200k mark,and you dont get much of a house in perth for that!!!!!