- America recommends 28% of take home to go to loan repayments
- At time of writing we’re going above this.
- There are a variety of methods to make this easier.
- Having a smaller Loan-to-Value-Ratio (LVR) means the required repayments decrease
- Use the annuity formula to calculate required repayments on a 30 year loan
- If you have more than 80% LVR (less than 20% deposit) you may need parental guarantee or Loan Mortgage Insurance (LMI)
- Apparently ING and some others are strict with their approval process.
- Some places would continue with the existing approval process if the price dropped
- ING would restart the approval process if anything changed