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.

Compare home loans

Rates last updated August 19th, 2018
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Offset account
Loan type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.64%
3.66%
$0
$0 p.a.
80%
Competitive interest rate and limited fees
A simple mortgage with a competitive interest rate and no application or monthly fees. Borrow up to $2 million from a convenient online lender.
3.59%
3.59%
$0
$0 p.a.
80%
Special discounted interest rate
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.64%
3.65%
$0
$0 p.a.
80%
Get approved faster with a speedy online application
Low interest rate and limited fees. Add a 100% offset account for $10 a month.
3.68%
3.82%
$0
$10 monthly ($120 p.a.)
80%
Earn Velocity Frequent Flyer Points with this mortgage to spend on flights and more (subject to eligibility requirements). Redraw facility available on this variable rate home loan. Competitive interest rate.
3.69%
4.11%
$0
$395 p.a.
80%
Save on interest with a 100% offset account
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.70%
3.90%
$0
$0 p.a.
70%
Requires a 30% deposit
Enjoy all the benefits of the Basic Home Loan and take advantage of an offset account.
3.49%
4.57%
$0
$395 p.a.
90%
Save on interest with a 100% offset account
Loans over $150k get a discount off an already low fixed rate. Available for NSW, QLD and ACT residents only.
3.64%
3.78%
$0
$10 monthly ($120 p.a.)
80%
Earn thousands of Velocity Frequent Flyer Points on your mortgage (subject to eligibility requirements). Plus, access a 100% offset account to save on interest.
3.75%
3.75%
$0
$0 p.a.
70%
This sharp rate product requires a 30% deposit
Pay no application or ongoing fees and get a flexible loan with the ability to split up to 6 times.
3.84%
3.84%
$0
$0 p.a.
80%
Low fee online mortgage
Pay no application or ongoing fees and get access to a free redraw facility with this innovative online lender.
3.71%
3.71%
$0
$0 p.a.
70%
A variable rate home loan that has a lot of flexible features. This loan has a 100% offset account.
3.64%
3.68%
$0
$0 p.a.
80%
A competitive interest rate for first home buyers that keeps fees low. You will need a 20% deposit and can borrow up to 500000.
3.69%
3.70%
$0
$0 p.a.
90%
Cut down on interest payments with a 100% offset account
Package your loan and get an interest rate discount and help from an HSBC relationship manager. Low fees help you save even more.
3.72%
4.10%
$0
$395 p.a.
80%
100% offset account plus package discounts
New borrowers or refinancers from another lender get a discounted rate with this package loan.
3.64%
3.79%
$0
$10 monthly ($120 p.a.)
70%
100% offset account and a competitive rate
Low rate, low fee loan for owner-occupiers. You will need a 30% deposit to get this mortgage.
3.54%
3.59%
$0
$0 p.a.
80%
$900 cashback offer on settlement
Get a competitive rate, save on fees and access a 100% offset account plus redraw facility.
3.65%
3.66%
$0
$0 p.a.
90%
Competitive interest rate and low fees. Available with a 10% deposit. Partial offset account attached (offset up to $15,000).
3.70%
4.13%
$0
$395 p.a.
90%
Get this loan with a 10% deposit
Package your loan with an eligible credit card for discounts on rates and fees, and get a 100% offset account.
3.64%
3.64%
$0
$0 p.a.
70%
A low interest rate home loan with no application or ongoing fees.
3.65%
3.66%
$0
$0 p.a.
80%
Sharp interest rate and low fees
This special rate mortgage has no ongoing fees and offers flexible repayments. Save $595 in establishment fees before 30 September.
3.88%
4.40%
$0
$395 p.a.
90%
Lock in a very competitive 2 year rate and get package discounts on your credit card and offset account.
3.85%
3.85%
$0
$0 p.a.
80%
Flexible, low fee mortgage
Pay no application and ongoing fees with Macquarie Bank Basic Home Loan. Split and redraw facilities included.
3.64%
3.64%
$0
$0 p.a.
70%
A basic variable home loan that offers a competitive interest rate with no application fees and no ongoing fees.
3.64%
3.79%
$0
$0 p.a.
80%
Apply online for this fixed rate, low-fee loan with redraw facilities and an optional offset account.
3.98%
4.41%
$0
$395 p.a.
90%
Take advantage of a low 3 year fixed rate, 40% offset account and no application fee.
3.72%
3.74%
$0
$0 p.a.
80%
100% offset account and a 10% deposit option
Save on interest by taking advantage of a 100% offset account along with no ongoing fees or application fees.
3.84%
3.82%
$0
$0 p.a.
80%
A fixed rate loan with free redraws, few ongoing fees. Apply online with a fast approval process.
3.89%
3.94%
$0
$0 p.a.
80%
Sharp fixed rate loan
Pay no application or ongoing fee and borrow up to 80% LVR.
3.74%
3.74%
$0
$0 p.a.
80%
A basic owner-occupier home loan with a low variable rate that requires a 20% deposit.
3.59%
4.74%
$0
$395 p.a.
90%
Get this package loan with a 10% deposit
Enjoy a competitive rate with no application fee for this package loan.
3.79%
3.79%
$0
$0 p.a.
80%
Minimal fees and a 100% offset account
Access an offset account and pay no application or ongoing fees on this special variable rate for owner-occupiers.
3.88%
3.89%
$0
$0 p.a.
90%
Low deposit, low rate mortgage
Save on interest with a free 100% offset account and buy your property with just a 10% deposit.
3.74%
3.74%
$0
$0 p.a.
110%
Borrow up to 110% with a guarantor
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, Qld and ACT only.
3.76%
4.15%
$0
$395 p.a.
90%
Discount special offer with a 100% offset account
A high maximum LVR home loan with redraw facility and additional payments. Get this mortgage with a 10% deposit.
3.67%
3.69%
$600
$0 p.a.
80%
Low interest rate for new customers
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.
3.81%
3.81%
$0
$0 p.a.
80%
A home loan with a competitive rate and plenty of handy features. This product comes with a 100% offset account.
3.64%
3.69%
$600
$0 p.a.
80%
Low fees and low interest rate
A competitive variable rate for borrowers with a 20% deposit or more. Guarantor option available.
4.04%
4.07%
$0
$0 p.a.
90%
Get this loan with a 10% deposit
For a limited time, pay no application or settlement fees. You can also take advantage of a free redraw facility.
3.97%
3.99%
$0
$0 p.a.
80%
Competitive investment package loan
Package your owner occupied loan with investment loan and receive a discounted investment rate. 100% offset account included.
3.72%
4.11%
$0
$349 p.a.
90%
10% deposit option available
Package your loan with other AMP products and save on rates and fees.
3.75%
4.00%
$0
$248 p.a.
70%
100% offset account included
Borrowers with a 30% deposit can get this competitive rate.
3.59%
3.99%
$600
$395 p.a.
95%
Get interest rate discounts and waived fees on this package loan with a 100% offset account.
3.62%
4.49%
$0
$0 p.a.
80%
Get a competitive rate and avoid ongoing fees. This loan is only available to current and former employees of eligible Queensland government organisations.
4.09%
4.11%
$0
$0 p.a.
80%
Simple residential mortgage product
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.89%
3.94%
$0
$0 p.a.
90%
Available with a 10% deposit
Borrow up to 90% of the value of the property you're buying, and pay no application fee.
3.68%
3.69%
$0
$0 p.a.
90%
Available with a 10% deposit
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
3.93%
3.94%
$0
$0 p.a.
80%
Use your home equity with a low rate
A low-fee line of credit loan from an online lender. Unlock the equity in your home and make interest-only repayments with a competitive rate.
3.99%
5.17%
$600
$0 p.a.
90%
Available with a 10% deposit
Competitive rates for fixed for 3 years with redraw facility.
3.99%
3.99%
$0
$0 p.a.
70%
Save on fees with this investor mortgage
Investors with a 30% deposit can get this low rate loan to fund their property portfolio.
4.13%
4.14%
$0
$0 p.a.
90%
Available with a 10% deposit
Access a fee-free offset account and a special interest rate for investors.
3.83%
3.83%
$0
$0 p.a.
90%
Special discount rate
New customers can get a discounted variable rate and a fee-free redraw facility. NSW, QLD and ACT residents only.
4.24%
4.27%
$0
$0 p.a.
95%
Low deposit loan for investors
Buy a home with just a 5% deposit and get flexible repayment options and a redraw facility.
3.59%
4.14%
$395
$0 p.a.
80%
Competitive interest rate
A one year fixed rate offer with no ongoing bank fees.
3.89%
4.94%
$595
$0 p.a.
90%
10% deposit option available
Borrow up to 90% of the value of the property you're buying and pay no application or ongoing fees.
3.74%
4.01%
$395
$0 p.a.
80%
Lock in a low rate for 3 years
A competitive fixed interest rate product with no ongoing bank fees.
4.18%
4.18%
$0
$0 p.a.
80%
Competitive investment mortgage
Investors get a 100% offset account and pay no application or ongoing fees on this loan from an innovative online lender.
3.99%
4.86%
$0
$0 p.a.
80%
Fix your rate for 2 years
Access a fee-free 100% offset account and pay no application or ongoing fees.
3.99%
4.62%
$395
$0 p.a.
80%
Flexible fixed investment loan
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.70%
3.70%
$0
$0 p.a.
70%
You need a 30% deposit to get this mortgage
Get a discount for keeping your LVR at 70% or below with this innovative online lender.
3.99%
3.99%
$0
$0 p.a.
80%
Special discounted interest rate
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.
3.69%
4.54%
$0
$395 p.a.
90%
10% deposit option available
A fixed rate loan with a 100% offset account and the option to make additional repayments. Loans over $150k receive a discounted rate. NSW, QLD and ACT residents only.
4.29%
4.26%
$0
$0 p.a.
95%
A competitive 3-year fixed rate loan with a high max insured LVR.

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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.

Get a free credit score check before you apply for a home loan

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.

Marc Terrano

Marc Terrano is a content marketer manager at finder. He's been writing and publishing personal finance content for over five years and loves to help Australians get a better deal.

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Home Loan Offers

Important Information*
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.59% p.a. and a 3.59% p.a. comparison rate.

loans.com.au Essentials - Variable (Owner Occupier, P&I)

A competitive interest rate home loan with interest only options. Interest rate 3.64% p.a.
comp rate of 3.66% p.a.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)

Loans over $150k get a discount off an already low fixed rate. Available for NSW, QLD and ACT residents only.

Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150k+ Owner Occupier, P&I) Discount 1

New borrowers or refinancers from another lender get a discounted rate with this package loan.

Ask an Expert

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40 Responses

  1. Default Gravatar
    JenniferAugust 3, 2018

    Hi im on centrelink and i want to buy a house , how much deposit do i need and how much can i borrow and which bank can offer me a home loan?

    • finder Customer Care
      NikkiAugust 3, 2018Staff

      Hi Jennifer,

      Thanks for reaching out.

      You can definitely apply for a home loan while receiving Centrelink.

      You can check this page on HOME LOANS for Centrelink recipients. You can find information on how a mortgage works for Centrelink payments, benefits and risks, and a quick guide on how to apply for one. You can also utilize the box provided where you can enter your information to help the loans expert assess the loan that will work for you.

      Hope this was helpful. Feel free to message us should you have further questions.

      Cheers,
      Nikki

  2. Default Gravatar
    FrancescoApril 9, 2018

    Hi I was looking at getting a personal loan with my credit score which would be the best bank to go through

    • finder Customer Care
      NikkiApril 9, 2018Staff

      Hi Francesco,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      There are different types of personal loans you can choose from and you can see it on this page.
      Different personal loans will require different documents to apply. Generally, these are the kind of documents that they will want to see:

      Personal details. You will need to provide your name, contact information and proof of your identity using a drivers license, passport, etc.
      Employment information. This includes where you work, what your income is, and the name and contact information of your employer.
      Details of your assets. This includes any properties or vehicles you own as well as any savings you have accumulated.
      Details of your liabilities. Liabilities refer to any open credit accounts, active credit and store cards and any debts you have owing on your mortgage or other loans.

      Turnaround time will be vary depending on the loan you’re applying for and for which lender you’re borrowing money from. Traditionally, an approval can take a few days up to a week, if you apply online, the process can be faster.

      Make sure the check all the eligibility criteria needed to apply for a personal loan to ensure of a 100% approval.

      Hope this helps! Feel free to message us anytime should you have further questions.Happy hunting!

      Cheers,
      Nikki

  3. Default Gravatar
    choOctober 6, 2017

    I want to borrow $260,000 to buy a house. I am an existing home owner who will be using equity.

  4. 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!!

    • finder Customer Care
      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

  5. 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 ?

    • finder Customer Care
      LouFebruary 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

  6. 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

    • finder Customer Care
      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

  7. Default Gravatar
    NevilleSeptember 19, 2016

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

    • finder Customer Care
      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

  8. 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?

    • finder Customer Care
      LouSeptember 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

  9. Default Gravatar
    FrancoNovember 13, 2015

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

    • finder Customer Care
      MarcNovember 13, 2015Staff

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

  10. 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

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