The Maximum Purchase Price (MPP) is the maximum price for a property at which a prospective verified buyer can afford to buy a home, based on remaining active working years to retirement and current net monthly income. This figure is computed for every pre-qualified prospective buyer.
Maximum Purchase Price(MPP) ≥ Total Number of Regular Monthly Repayments Equivalent to Number of Remaining Active Working Months Till Retirement at age 60,including fixed annual interest rate of 12.00%.
The “maximum purchase price” computation makes it easy to find out exactly how expensive a property you can buy using a mortgage. When you apply to buy a home with us, we assess your serviceability based on your current income and debts.
We will also take into account things like your job security and history, as well as any other factors that might make you a higher-risk borrower. So, how much can you afford to borrow? There are two factors lenders look at when calculating the maximum purchasing price for buying a home. Borrowers are assessed on:
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