Thinking of Buying a House?


How much can I afford?

A better way to find out how much your mortgage should be is to start by working out how much you think you can afford to borrow. Do this by calculating how much you can afford to pay in mortgage payments (sorted.org.nz have a handy budget calculator) Work this back to find out what you can afford to borrow, add this to any deposit or equity, and this gives you your house buying budget.

Again, what you think you can afford can differ wildly from the banks' thoughts, so once you have done your numbers, have a chat with your bank or mortgage broker and get your mortgage finance offer sorted.

Buying a house can be very rewarding and a great investment but it does come with major financial risks, especially if you stretch your finances to borrow. Having a mortgage can also impact on your lifestyle - there may not be much extra cash for coffees, takeaways, movies or even holidays... Make sure your finances and lifestyle can handle it!


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