Borrowing Power Calculator
Borrowing Power Calculator
Fill in your details and we'll calculate your Borrowing Power.
The borrowing amount is a guide only. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.
How our mortgage borrowing calculator works
Our mortgage borrowing calculator guides you in determining your borrowing power by assessing your financial situation and providing an estimate of the amount you may be eligible to borrow. By inputting key information such as your income, expenses, and other financial commitments, the mortgage borrowing calculator analyses your data and gives you a clear understanding of your budgetary constraints and borrowing capacity. Ideal for both first-time homebuyers and experienced investors, our calculator may allow you to make informed decisions and better plan your financial future.
Find your local Resolve Finance mortgage broker
We want your finance journey to be as seamless as possible and what better way to start it than by speaking to a mortgage broker in your local area.
Choose your Resolve mortgage brokerFAQs
When assessing your mortgage borrowing power, lenders will primarily look at: your income, your debts and living expenses as well as your credit history. That is why it is important to ensure you pay all of your debts on time and don't take on any additional debt when applying for home finance, such as a personal loan. Our mortgage borrowing calculator will help you understand how much you can borrow for a home loan in Australia, try it today.
To increase your mortgage borrowing power, firstly, have a go at reducing your living expenses where possible. Sit down and review your monthly outgoings and find areas where you can cut back. If you are paying for a Foxtel subscription you never use, cancel it. Secondly, look to pay off debts like credit cards. Then think about income and savings, and if you have ways of increasing these. Maybe you can save a bonus or take on extra shifts. All of these actions will help increase your borrowing power. Your mortgage broker will also be able to provide recommendations.
Your deposit will impact your borrowing power. The larger the deposit you have saved, the more proof the lender has that you are able to manage your money. This gives them the confidence that you will be able to save and budget for your repayments. It is important to remember though that your deposit is only one component when it comes to calculating your borrowing power.
The borrowing power estimate provided by our calculator is based on the information you input and general lending criteria. While it offers a good indication of your potential borrowing capacity, it may not be exact. Final lending decisions are subject to a more detailed assessment by financial institutions. The borrowing amount provided is a guide only. For a more accurate and tailored mortgage borrowing summary, we suggest contacting your local Resolve Finance mortgage broker today!
While the mortgage borrowing calculator gives a comprehensive estimate, factors like fluctuations in interest rates, your personal credit score, and changes in lending policies of financial institutions can influence your actual borrowing capacity. It is always recommended to speak with a finance professional for more personalised guidance.