Mortgage and borrowing power calculator

This calculator can be used to estimate the total value of a house you may be able to buy based on the amount you may be able to borrow plus your deposit. It provides information on the fees and other costs associated with purchasing a home, and estimates your likely mortgage repayments and remaining income left over.

The amount a bank is willing to lend is ultimately up to their discretion, but generally involves looking at their income after expenses and loan repayments. It then uses this figure to calculate how large of a loan you can service at current interest rates (plus a buffer from ~2-3%).

This calculator uses an estimate for borrowing power based on the approach used by the major banks in Australia. Each lender may assess each input differently or have additional criteria they assess. This calculator is intended to act as a guide only to the potential borrowing power and costs associated with purchasing a home.

Lenders generally assume that your credit card limit is fully drawn, and then assumes you repay ~2-3% of the limit every month (although this may differ across different lenders).

This sums all of the various costs associated with purchasing a home (e.g., the deposit, stamp duty etc.) together to form an estimate of the total amount of savings you will need.

LMI is a one-off premium which is either added to your home loan or paid as a fee at settlement. Generally lenders will charge LMI if your deposit percentage is below 20%, although lenders have exceptions (e.g., based on an individuals profession or other criteria) that may discount or waive the fee.

This is the most comprehensive mortgage/borrowing power calculator available in Australia, providing information on the estimated borrowing power and all of the costs associated with buying a home.