Home Loans

Affordability calculator

Determining what you can afford will assist you in not wasting time looking at unsuitable properties. You can either make use of a bond affordability calculator or the services of a bond originator who can pre-qualify you. When establishing what you can afford, take into account your specific financial requirements. Your monthly repayment affordability is calculated on joint net surplus income after existing debt commitments and monthly living expenses have been taken into account. Other criteria, including the interest rate charged may affect the size of the loan that the bank will grant. Your bond should not exceed 30% of your income as a rule of thumb. You must also take into account hidden costs such as transfer and bond registration costs and fees which have to be paid upfront, and can add a sizeable amount to the cost if the bank is not willing to finance these costs.

Fine & Country makes use of a range of bond originators and banks to assist our clients in obtaining a bond, if needed when purchasing a property that's for sale. Using a bond originators saves our clients time, paperwork and the bank's turnaround time is reduced meaning faster quotes.

Bond originators essentially act as an intermediary between a client and the banks, assisting in compiling one set of paperwork, and then submitting the home loan application to all the major banks on the client's behalf.

There are many benefits of using a bond originator for clients looking to buy a property:

• More options: A bond originator will search for a deal that meets clients' needs, meaning they don't have to do any of the legwork.
  
• Better rates: The consultant will have access to loan rates as well as fees and charges so it’s easier to make a straightforward comparison of loan costs.
• Dealing with banks: Consultants also have good relationships with banks, and can often negotiate a very competitive rate. Banks receive a significant amount of business through bond originators so it’s in their best interest to work closely with them.
• Less paperwork: Going through a bond originator means completing only one set of paperwork which the home loan expert then submits to all the major banks. If a client were to do this without an originator, they would have complete and submit a set of paperwork for each bank they apply to.
• Helpful advice: The consultant’s experience in the home-loan industry helps clients to make informed decisions and gives confidence throughout the process.
• It’s free: Bond originators are paid by the bank, which means their services to clients are free.
  
  
  

Before you even apply for a loan, check whether the property is affordable for you.

Affordability calculator

Determining what you can afford will assist you in not wasting time looking at unsuitable properties. You can either make use of a bond affordability calculator or the services of a bond originator who can pre-qualify you. When establishing what you can afford, take into account your specific financial requirements. Your monthly repayment affordability is calculated on joint net surplus income after existing debt commitments and monthly living expenses have been taken into account. Other criteria, including the interest rate charged may affect the size of the loan that the bank will grant. Your bond should not exceed 30% of your income as a rule of thumb. You must also take into account hidden costs such as transfer and bond registration costs and fees which have to be paid upfront, and can add a sizeable amount to the cost if the bank is not willing to finance these costs.