buyers could potentially borrow more with a little shopping around according to Mozo.

You don’t have to go begging to your boss for a payrise or take a second job, according to new analysis by comparison website Mozo.

It crunched the numbers found that choosing from some of the non major lenders could allow buyers to borrow up to $40,000 more.

The analysis was done as part of the Mozo Experts Choice Awards and revealed that some smaller lenders have such competitive rates they could potentially give first home buyers a boost in how much they can borrow.

DOING THIS COULD MAKE HOUSING MORE AFFORDABLE

It found a homebuyer could potentially borrow $40,558 more from the four small lenders it selected as winners when compared with the big four banks.

Director Kirsty Lamont said the small online and non-bank lenders were offering variable rates less than 4 per cent and have an average rate that was 0.67 per cent lower than the big four banks average of 4.43 per cent.

“We crunched the numbers on how much more you could potentially borrow with these rock-bottom rates and found it was 11 per cent of the average cost of a first home, which could be a big help to a buyer struggling to get into the property market,’’ she said.

Ms Lamont said their research found 90 per cent of the most competitive loans in the market were from non-major lenders.

The figures were crunched for a 30 year loan with monthly repayments of principal and interest on a first homebuyer loan size of $330,600.

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