Find out how to calculate your borrowing power with these home loan calculators from the big four banks.
Before you apply for a home loan, it’s essential to work out how much you can reasonably afford to borrow and then repay. Your income, assets, employment status and the purchase price of the property all have a bearing on your ability to service a loan, so you need to be sure of your repayment capabilities before you take out a mortgage.
That’s where home loan calculators come in. These simple-to-use online tools help you work out the size of the loan you can afford to take out, and how much your ongoing repayments will be. Let’s take a look at the home loan calculators offered by the Big Four banks and how to use them.
The ANZ Home Loan Calculator is designed to give you a realistic estimate of your home loan borrowing power in around 10 minutes. All you have to do is enter your financial and personal information to work out how much you could buy a property for, and what the repayment requirements would be for your loan.
Once you have provided details about the property you want to buy, its purchase price, your income, your assets and your liabilities, you can find out information such as the deposit amount you need, your purchasing power, and your regular repayment amounts.
ANZ also offers a range of quick home loan calculators, including:
- A quick borrowing power calculator
- A quick repayments calculator
- A 100% mortgage offset calculator
- A home loan scenario calculator
- A home loan fee calculator
CommBank offers three calculators to help you work out how much you can borrow and afford to repay: the borrowing power calculator, the home loan repayments calculator and the upfront costs calculator.
The CommBank borrowing power calculator lets you estimate the amount you can borrow and also generates a key fact sheet based on your loan amount, loan term and ongoing repayments. Simply enter details about your personal situation, income and expenses to calculate how much you can borrow.
The CBA home loan repayments calculator allows you to work out how much your ongoing repayments would be for your desired loan amount. Enter details of the loan amount, term, interest rate and repayment frequency to calculate your repayment amounts.
The CBA upfront costs calculator allows you to calculate some of the other costs associated with buying a home, including stamp duty, conveyancing costs and bank fees.
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The NAB loan repayments calculator is designed to help you work out your estimated home loan repayments and also suggest ideas on how you can pay your loan off quicker. To use the calculator enter your loan amount, term, interest rate and repayment types.
The NAB borrowing calculator lets you generate an estimate of how much you can afford to borrow. Enter details about your dependants, income, expenses and home loan to calculate the results.
NAB also offers a home equity calculator and a stamp duty calculator, as well as a home loan selector to help you find the right mortgage product.Back to top
The Westpac Mortgage Repayment Calculator is designed to help you work out how much your mortgage repayments will be, and how much you can afford to borrow. Simply enter the loan amount, term, interest rate and repayment frequency to generate your results.
The Westpac Borrowing Power Calculator can give you an estimate of how much you may be able to borrow from Westpac. This can help you form a better idea of what properties are within your budget.
Westpac also offers three other home loan calculators to help you explore your borrowing potential:
- Stamp duty and upfront costs calculator
- Investment property costs calculator
- How to own your home sooner calculator
What are the benefits of home loan calculators?
Home loan calculators are an extremely useful tool for borrowers, allowing you to make an informed decision about the right home loan for your needs. You can use a home loan calculator to:
- Calculate your borrowing power. Find out how much a lender will let you borrow.
- Calculate your repayments. Work out how much your regular repayments would be when you borrow a specific amount.
- Compare loans. Work out how the repayments on one home loan compare to those on other loans.
- Calculate upfront costs. Determine how much you will need to pay in stamp duty and legal fees when you buy a home.
- Calculate fees. Work out how much you will have to pay in fees when you take out a mortgage.
- Pay your loan off sooner. Find out how much you can save in interest by making additional repayments towards your loan.