Calculate How Much You Can Borrow
Use our two essential tools to plan your home purchase. Start with the borrowing power calculator to see your maximum loan amount, then use the repayment calculator to plan your budget.
Borrowing Power Calculator
Find out exactly how much can I borrow for home loan based on your income, expenses, and deposit. Our borrowing power calculator uses current lending criteria from 40+ lenders to give you realistic estimates.
Simply enter your annual income, monthly expenses, existing debts, and available deposit. The calculator factors in current interest rates and lending policies to show your maximum borrowing capacity.
What Affects Your Borrowing Capacity
Several factors determine how much you can borrow:
- Income: Lenders typically allow 5-6 times your annual income, but this varies by lender and includes salary, bonuses, rental income, and other regular earnings.
- Expenses: Your monthly commitments including rent, credit cards, personal loans, and living expenses directly impact borrowing capacity. Lower expenses mean higher borrowing power.
- Deposit: A larger deposit means a smaller loan amount and often better interest rates. Most lenders require 20% to avoid mortgage insurance, but options exist from 5%.
- Credit History: Your credit score affects both borrowing capacity and interest rates. Scores above 700 typically qualify for standard rates.
Melbourne Property Market Factors
- Victorian Stamp Duty: Calculated automatically based on property value and first home buyer status. Can significantly affect your total costs.
- Suburb Variations: Some Melbourne areas have different lending policies. Established suburbs like Greenvale often have standard lending, while newer areas may have specific requirements.
- Property Types: Apartments, townhouses, and houses may have different lending criteria. Our brokers understand these nuances across northern suburbs.