Borrowing power calculator

How Much Can I Borrow Calculator

Get an estimate of how much you can borrow

A borrowing power calculator should be used before even searching for a property to give you an idea of how much you can afford to spend.

All you need to do is enter in your income, expenses and other financial commitments, as well as some loan details and you'll get an estimate of your borrowing power. You can also discuss the results with a qualified mortgage broker to get more information and to find out about other loan options.

This calculator doesn't give a result based on your deposit size. This is because lenders decide how much to lend you based on a range of factors.

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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
loans.com.au Essentials - Variable (Owner Occupier, P&I)
A basic home loan with a competitive rate and low fees.
3.64% 3.66% $0 $0 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.49% 4.47% $0 $375 p.a. 85% Go to site More info
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy a low variable rate with no ongoing fees and borrow up to 90% of the value of the property.
3.85% 3.86% $0 $0 p.a. 90% Go to site More info
Tic:Toc Live in Loan Variable Rate
A competitive variable rate product with low fees offered by a 100% online lender.
3.68% 3.69% $0 $0 p.a. 80% Go to site More info
Reduce Home Loans Rate Buster 100% Offset Variable Home Loan - Up to $750k (LVR <=80%)
Borrow up to 80% LVR with no ongoing fees and a 100% offset account.
3.54% 3.54% $440 $0 p.a. 80% Enquire now More info
loans.com.au Offset Variable - Up to 80% LVR (Owner Occupier P&I)
Take advantage of a 100% offset account along with no annual or application fees.
3.72% 3.74% $0 $0 p.a. 80% Go to site More info
IMB Budget Home Loan - Special LVR <=80% (Owner Occupier and Principal & Interest only)
A special limited time offer for owner occupiers. An IMB Transaction Account must be opened with this loan.
3.79% 3.84% $445 $0 p.a. 80% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
Pay no ongoing fees on a competitive variable rate home loan.
3.86% 3.87% $0 $0 p.a. 80% Go to site More info
UBank UHomeLoan Variable Rate - Standard Variable Rate Value Offer (Owner Occupier P&I)
Combine a low variable interest rate and free redraw with no application or ongoing fees.
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I) First Home Buyer Special
A special rate for first home buyers buying residential property and borrowing over $150K. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.69% 4.86% $0 $395 p.a. 90% Go to site More info
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.80% 3.81% $0 $0 p.a. 95% Enquire now More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
Get a competitive rate without features you may not use.
3.97% 4.02% $445 $0 p.a. 90% Go to site More info
ING Orange Advantage Loan - $500,000+ (LVR <=80% Owner Occupier, P&I)
A loan with no application fee and borrow up to 95% LVR.
3.74% 4.06% $0 $299 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate, P&I)
Owner-occupiers can lock in a competitive rate with no ongoing fees. Conditions apply.
3.74% 4.85% $0 $0 p.a. 95% Go to site More info
ING Orange Advantage Loan - $150,000 to $500,000 (LVR <=80% Owner Occupier, P&I)
A fully featured home loan with an offset account and discounts available. $1000 cashback offer available for loans over $300k. Terms and conditions apply.
3.79% 4.11% $0 $299 p.a. 80% Go to site More info
Mortgage House Advantage Variable Home Loan - 80 (PAYG Special No Offset)
A home loan with a competitive variable rate, limited fees and plenty of flexibility.
3.64% 3.66% $0 $0 p.a. 80% Go to site More info
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.99% 3.99% $0 $0 p.a. 110% Go to site More info
Bank Australia Basic Home Loan - Special LVR <70% (Owner Occupier)
A special variable rate home loan with no application or ongoing fees.
3.74% 3.75% $0 $0 p.a. 70% Go to site More info
3.79% 4.07% $500 $0 p.a. 95% Go to site More info
Heritage Bank Discount Variable Home Loan - Special Rate Offer (Owner Occupier) New Customers Only
A low rate variable home loan offer with no monthly fees or application fee charge.
3.99% 4.04% $600 $0 p.a. 90% Go to site More info
3.78% 3.79% $600 $0 p.a. 90% Enquire now More info
Westpac Flexi First Option Home Loan - 2 Years Introductory Special Offer (New Owner Occupier, P&I)
This competitive introductory rate is a limited time offer for new owner-occupiers
3.91% 4.42% $0 $0 p.a. 95% Enquire now More info
Community First Fixed Home Loan - 3 Years Fixed Owner Occupier special offer (New Loans only)
A limited time fixed rate special with no monthly or annual fees plus a 100% offset account.
3.89% 4.97% $600 $0 p.a. 95% Go to site More info
ME Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier, P&I)
Get a competitive 2-year fixed rate with no application or ongoing fees.
3.74% 4.81% $0 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.88% 4.89% $0 $395 p.a. 95% Go to site More info
Bankwest Equaliser Home Loan - LVR ≤80% (Owner Occupier, P&I & $200k+) new customers only
Enjoy a variable 3 year introductory rate with the Bankwest Equaliser Home Loan.
3.72% 4.19% $0 $0 p.a. 80% Go to site More info
UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier)
A one year fixed rate offer with no ongoing bank fees.
3.69% 4.15% $395 $0 p.a. 80% Go to site More info
Finsure Home Loan Deal
Enjoy a low variable rate with no application fee.
3.69% 4.03% $0 $299 p.a. 80% Enquire now More info
Greater Bank Ultimate Home Loan - Discounted 2 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.69% 4.45% $0 $375 p.a. 85% Go to site More info
Connective Smart Options Basic Home Loan - LVR ≤ 70% (Owner Occupier, P&I)
A variable home loan with $0 annual or monthly fees.
3.74% 3.74% $363 $0 p.a. 70% Enquire now More info
Beyond Bank Low Rate Special Home Loan - LVR <70%
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.83% 3.83% $0 $0 p.a. 70% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.74% 4.12% $0 $395 p.a. 80% Go to site More info
QT Mutual Bank Mortgage Saver Home Loan
A low rate home loan with no application or ongoing fees. Note that to be eligible for this loan you must be QLD resident.
3.95% 3.95% $0 $0 p.a. 95% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive variable rate with a redraw facility. NSW, QLD and ACT residents only.
3.99% 3.99% $0 $0 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.79% 4.75% $0 $0 p.a. 95% Go to site More info
ME Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier, P&I)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.99% 4.77% $0 $0 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Standard Rate, P&I)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your property's value.
3.94% 4.88% $0 $0 p.a. 95% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.17% 4.21% $600 $0 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Standard Rate, P&I)
Investors can take advantage of a short term fixed rate with no application or ongoing fees.
3.94% 4.98% $0 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 5 Year Fixed (Owner Occupier P&I)
A competitive loan with flexible features. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.59% 5.01% $0 $395 p.a. 95% Go to site More info
IMB Essential Home Loan - LVR <=90% (Owner Occupier)
Access to redraw facility and offset account without the annual fee.
4.19% 4.19% $0 $0 p.a. 90% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier, P&I)
Enjoy a basic home loan with a high LVR and no application or ongoing fees.
4.03% 4.07% $0 $0 p.a. 95% Enquire now More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 4.99% $0 $395 p.a. 95% Enquire now More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.99% 4.98% $0 $395 p.a. 95% Enquire now More info
NAB Choice Package Variable Rate - $250k to $749,999 P&I (Owner Occupier)
A packaged low rate interest offer from NAB. Includes mortgage offset.
4.39% 4.78% $0 $395 p.a. 95% Go to site More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years, P&I
A low interest rate home loan with a low service fee.
3.99% 4.90% $0 $395 p.a. 95% Enquire now More info
4.39% 5.42% $300 $10 monthly ($120 p.a.) 95% Enquire now More info
Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier, P&I)
Earn Velocity points on a competitive variable rate home loan with flexible features.
3.79% 3.92% $0 $10 monthly ($120 p.a.) 80% Enquire now More info
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How to use the home loan borrowing power calculator

Income details

One of the first factors your potential lender will look at when evaluating how much you can borrow, in addition to your deposit, is your income. Your income will dictate how much you can repay off your loan each month, so they'll want to know if your income can meet the repayments for the size of loan you want. To find out how much your repayments would be on a particular loan size use our repayment calculator.

Your potential lender will ask you the following types of questions in regards to your income:

  • How much of your income have you been able to save?
  • Has your income increased or decreased?
  • What are your ongoing financial commitments?

If you're married or buying your home with your partner, the household income factor rises, and in turn so does the probable amount you can borrow. While this may seem great, remember there are still situations you must plan for, such as if one of you loses your job or if you decide to have children.

Proof of your ability to save is particularly important if you're buying your first home. If you're a first home buyer you may be entitled to the First Home Owners Grant (FHOG).

A good savings history will also tell a potential lender that you're likely to be able to keep up with regular repayments. If you already have a home loan and want to refinance, a savings pattern may not be so important because your potential lender will have your loan repayment history to assist them in their decision.

Before you go on, note that in addition to finding out how much you can borrow, you should work out how much you should borrow.

Debts and expenses

Your debts and what you spend each month are as important as your deposit, income and savings. When you want to work out how much to borrow you need to consider any financial commitments and debts you regularly put your income towards to find out if your income is still sufficient to make your repayments.

Borrowing power debts-and-expenses

Before meeting with your lender to discuss how much you can borrow, make a determined attempt to get rid of all the outstanding debts that you can, and if possible get rid of any credit cards you don't need. Go into discussions with your potential lender with as little financial baggage as you can and you're likely to be rewarded with increased borrowing capacity.

Some debts or expenses may decrease the amount you can borrow or even cause your loan application to be rejected. In addition to what's been discussed above, these may include:

  • Payment history: Do you pay on time? This is a determining factor in loan approval. Payment history includes credit cards, bills, car loans, mortgages and loans of all types. Bankruptcy is also taken into consideration.
  • Outstanding debt: Most people have debt, but the lender wants to know how much you have. Outstanding balances for credit cards, personal loans, car loans and mortgages will determine a how much a lender thinks you should be able to borrow. It's important to note that your overall credit card limit will be used to asses your current level of outstanding debt - this is your entire credit limit, not just what you have used.
  • Debt to income: The classic ratio of what you owe to what you make. This ratio is used to determine your ability to pay your current debt and possible future debt if you are approved for any loans or mortgages. Child care costs and children in general can sometimes reduce your borrowing power.
  • Credit history: How long have you had credit? The length and usage of your accounts are taken into account. Not only does this show items like foreclosures and bankruptcies but also shows attempts at repaying debt. Loan processors use this to try and determine how reliable you are to pay back the loans.
  • Applications for new credit: Each time you apply for credit it's noted in your credit history and lenders will look at this.

Loan type and term

The type of loan you choose, as well as the term you plan to keep it for, also has a bearing on your borrowing power. A loan with minimal features, that has low fees and has a low interest rate might mean your repayments are lower and therefore could mean you can borrow more. If you plan to pay off your loan in 30 years as opposed to 25 years this will also lower your repayments. On the other hand a shorter loan term could save you thousands of dollars in interest but increase your repayments. When you meet with your potential lender or mortgage broker make sure you discuss the different options available.

Before you apply for a home loan, get your finances in order. Being prepared not only increases your chances of being approved, but also of you borrowing the amount you want. Regardless of how much your lender decides to lend you, work out if the loan suits you and your situation, what features it offers you and if you could still comfortably afford your repayments if interest rates increased.

Deposit size - what is a loan-to-value ratio (LVR)?

While it's not in the calculator, your deposit will also make up a big part of how much you're able to borrow.

One of the ways a potential borrower can demonstrate their ability to make repayments is through their deposit size. A large deposit demonstrates you've been able to save regardless of your expenses. This means the amount a lender will let you borrow depends on how large your deposit is in relation to the value of the property, otherwise known as an LVR.

An LVR is shown as a percentage and is worked out by dividing the loan size you require by the value of the property. Look below to find out how to work out what your LVR would be.

LVR Example

Chad is looking at purchasing a $400,000 home. He's got a deposit of $40,000 saved up and is ready to go. To work out his LVR, he first needs to find out how much he'll need to borrow. To do this Chad needs to subtract the deposit he's saved from the value of the property he wishes to buy.

how to calculate how much you need to borrow

Next, he needs to divide this amount by the value of the property and then multiply it by 100.

how to calculate your LVR

This means Chad's LVR would likely be 90%.

Lenders generally set the maximum LVR at 95% or lower. That's the most they will lend out, unless you're able to get a family guarantee, in which case you can sometimes borrow as much as 100%. If you're self employed and want to take out a loan with low documentation requirements a lender may require an LVR of 60% - that is you need a deposit of 40% of the value of the property. If you're not self employed, have a good credit history and opt to pay for lenders mortgage insurance (LMI), then you may be able to take out a loan with an LVR of 95%, meaning you only need a 5% deposit.

Remember that you also need to account for other costs when purchasing a home, which can include:

  • Stamp duty
  • Legal fees
  • Building/pest inspections
  • Home insurance
  • Repair fees
  • Maintenance fees
  • Loan feature fees for facilities such as redraw

These may not make up your LVR but you should get acquainted with different types of fees and how much they may cost you.

Unfortunately banks keep their lending criteria a secret from borrowers. This means that while some borrowers can qualify for a loan, other borrowers might not qualify, even though they might look as promising as the other candidate. This is because in addition to income, your deposit size and your debts and liabilities, your credit history is also taken into account. If the bank feels that this isn't satisfactory, or if other aspects of your application aren't judged to be favourable, such as your employment type, then you might also not qualify for the amount specified in the calculator.

You may find it helpful to approach a mortgage broker. They'll be able to go through each aspect of your application and use their past experience with lenders to steer you in the direction of a loan which matches your eligibility.

As alluded to in the article, you can increase the amount you can borrow in a number of ways. The easiest ways are to decrease your debts and liabilities and increase your income. Think about asking for a pay rise, starting a second business, or investing money into assets such as shares and making a regular income from dividends.

To decrease your debts, think about starting a budget and paying down your credit cards, in addition to closing non-essential credit accounts and loans.

Your credit file acts as a way for your prospective lender to know whether or not you'll be able to pay back your loan, in addition to your income and debts. If your credit file shows late payments, defaults and other negative listings, you may find it difficult to obtain a loan. Always obtain a copy of your credit file before lodging an application with any lender.

Marc Terrano

A passionate publisher who loves to tell a story. Learning and teaching personal finance is his main lot at finder.com.au. Talk to him to find out more about home loans.

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34 Responses

  1. Default Gravatar
    DeniceMarch 22, 2017

    I have ignorantly applied for lots of credit cards which offer enticements like frequent flyer bonus points not realising that this has affected my once excellent credit rating.how can i restore it.? I did not know by doing what i did was to be detrimental as have never not fulfilled my payment obligations nor been behind or bankrupt etc..it seems so unfair.please help!!

    • Staff
      MayMarch 22, 2017Staff

      Hi Denice,

      Thanks for getting in touch.

      I’m sorry to hear about the enquiries on your file. Unfortunately, several enquiries on your file made by a credit provider can negatively impact your credit rating and that will stay on your credit file for five years. Basically, the only details or enquiries that can be removed from your credit file are those that are incorrect or erroneous.

      On this page, you can find a step by step guide on how you can possibly remove those enquiries that you think are incorrect.

      Hope this helps.

      Cheers,
      May

  2. Default Gravatar
    mymboFebruary 17, 2017

    lets assume that my gross income is $450 usd and i want to borrow some money or get a loan of which i have a minimum of 3 dependents how much do you advise me to borrow ?

    • Staff
      AnndyFebruary 22, 2017Staff

      Hi Mymbo,

      Thanks for your question.

      Please note that the borrowing calculator above is applicable to Australian residents.

      Moreover, we can’t give an estimate as to how much you should or you could borrow because the lenders normally decide how much to lend based on a number of factors and not just your gross income.

      You may check and compare personal loans on this page. When you click the ‘go to site’ button, you’ll be redirected to the lender’s website where you can request for a quote.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Cheers,
      Anndy

  3. Default Gravatar
    adeleJanuary 19, 2017

    If my limit on my loan is 110k, redraw amount 60k and balance 50k. repayments based on 110k. can i use redraw to pay balance of 50k

    • Staff
      MayJanuary 19, 2017Staff

      Hi Adele,

      Thanks for your question.

      Usually, you are allowed to access your redraw facility in the case of an emergency. I would suggest that you contact your lender if they would allow you to use the funds on your redraw for paying off your $50,000 loan balance.

      Cheers,
      May

  4. Default Gravatar
    NevilleSeptember 19, 2016

    Does my age play a part in my borrowing ability im 53

    • Staff
      MaySeptember 21, 2016Staff

      Hi Nev46,

      Thank you for your question. You’ve reached finder.com.au we are a financial comparison website and general information service we are not mortgage specialists so can only offer general advice.

      In Australia, lenders are not actually allowed to discriminate borrowers based on age. Australia’s anti-discrimination legislation, i.e. Age Discrimination Act 2004 and National Consumer Credit Protection Act 2009, prevents lenders from discriminating against mortgage applicants due to their age.

      However, lenders would also like to make sure that you meet the general lending criteria, that is you can comfortably afford to repay the loan without having financial difficulties. So, the older you are, the more it might be difficult for you get a mortgage approval. Usually, lenders would limit the age requirements from 65 to 75 years.

      Cheers,
      May

  5. Default Gravatar
    shainaSeptember 13, 2016

    a has 1000000 savings deposit with the phil. national bank. One day a borrowed 200000 from the bank. without asking permission from a, the bank subtracted the 200000 from a’s account , leaving a balance of 800000 in a’s favor. Is the bank’s action proper?

    • Staff
      AnndySeptember 14, 2016Staff

      Hi Shaina,

      Thanks for your question.

      Please note that we are an Australian financial comparison and information website. As such, we can’t provide specific advice for your situation.

      If the terms and conditions of the loan clearly state that the bank can deduct the balance of the loan from their client’s existing account, then the bank’s action is acceptable. It would be best if the person concerned will directly get in touch with the bank and confirm this.

      Cheers,
      Anndy

  6. Default Gravatar
    FrancoNovember 13, 2015

    Very useful! With this calculator, I can do the entire math in just some minutes. Brilliant!

    • Staff
      MarcNovember 13, 2015Staff

      I’m glad you found it useful Franco! We’ve got many more calculators here if you’re interested.

  7. Default Gravatar
    ScottJuly 13, 2015

    howdy. just seeing if you could recommend a good lender for us. I am full time employed on about 50k a year, boss supplies car and pays for my phone. my partner is a contract teacher

  8. Default Gravatar
    DebbieMay 20, 2015

    whats the average interest rate at the moment for discharged bankrupt

  9. Default Gravatar
    DebbieMay 15, 2015

    Is untaxed income ie. family assistance and/or child support payments>

    • Staff
      JodieMay 28, 2015Staff

      Hi Debbie,

      Thank you for reaching out to finder.com.au, a financial comparison website.

      Please contact the ATO directly to find out what is considered untaxed income, if you receive income that you are aware that you do not pay tax on you can add this to the untaxed income field or if you are unsure you may wish to leave this income out of the calculations or you can contact a mortgage broker to discuss the possibilities.

      Regards
      Jodie

  10. Default Gravatar
    joyceFebruary 25, 2015

    My father is getting on in age and he has a loan with pepper that is just getting to much for him to pay. This loan was on the equity of his home. . Is it possible that I could take out a loan to pay this for him. As the home will be left to us upon his death.

    • Staff
      ShirleyFebruary 25, 2015Staff

      Hi Joyce,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with a lender featured on this page.

      If you find that none of these loans are suitable for your situation, there is always the option of speaking to a home loan broker. They’ll be able to help you further should need further help in narrowing down a suitable home loan option.

      Cheers,
      Shirley

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