There is currently a growing trend of homebuyers becoming more reluctant to borrow their maximum capacity due to rising interest rates. Buyers are more conscious of their repayments and less likely to take a bigger financial risk. Some prospective buyers, however, are still finding it necessary to borrow the maximum to enter the property market altogether.
Mortgage Broker Sydney’s principal, Michael Brown, spoke on this topic recently in the Sydney Morning Herald. Read the article here for Michael’s insights: https://www.smh.com.au/property/news/rising-rates-mean-homebuyers-can-t-go-to-the-edge-20220929-p5blz1.html
If you’re first home buyer and concerned about your borrowing capacity, get in touch with us today. Our team can review your needs and get your loan sorted.
Michael began his career in the finance industry over 35 years ago. He progressed through the ranks at the CBA in both retail and corporate lending, culminating in a senior position as a Corporate Relationship Executive. His decision to leave the bank in 2003 to become an independent mortgage broker was driven by his desire to assist everyday customers break through the jargon of the banking world and access the best loan products in the market. His experience is wide-ranging from helping first time buyers to large commercial enterprises. What Michael doesn’t know about home loans, simply isn’t worth knowing!