Borrowing Calculator
Estimate how much you might be able to borrow for your home loan.
How Much Can I Borrow?
Understanding Your Borrowing Power
This calculator provides an estimate of how much you may be able to borrow based on your income, expenses, and other financial commitments.
Lenders assess your borrowing capacity to ensure you can comfortably afford your loan repayments. Factors like your salary, existing debts, and number of dependents all play a role.
Knowing your borrowing power is a crucial first step in your home buying journey.
Ready to Explore Your Options?
Our mortgage brokers can help you accurately assess your borrowing capacity and find a loan that suits your financial situation.
Frequently Asked Questions
What factors affect my borrowing capacity?
Your borrowing capacity is primarily influenced by your income, existing debts (credit cards, personal loans, car loans), living expenses, and the number of dependents you have. Lenders also consider your credit history and employment stability.
How can I increase my borrowing power?
To increase your borrowing power, you can reduce your existing debts, cut down on unnecessary expenses, increase your income, or consider a longer loan term (though this means more interest over time). A larger deposit can also help.
Is the calculator's estimate guaranteed?
No, the calculator provides an estimate only. Your actual borrowing capacity will be determined by a lender after a full assessment of your financial situation. It's a good starting point for your planning.
Why should I use a mortgage broker to assess my borrowing capacity?
A mortgage broker can provide a more accurate assessment of your borrowing capacity by considering various lenders' criteria. They can also help you find the best loan products and rates tailored to your individual circumstances.