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Your borrowing power is how much money you’re able to borrow without putting too much pressure on your finances. This guide will take you through how to work out your own borrowing power and how lenders determine your borrowing limits when you apply.
You can use the calculator below to get an idea of your borrowing power.
These two values are added together to get the HEM, a number that changes and is updated each year. The number is adjusted in a particular way depending on your location, whether you’re part of a single or partner household and whether there are any children.
Not all lenders use the HEM. Some have their own formulas or use similar alternatives like the older Henderson Poverty Index (HPI).
Worried about getting knocked back when applying for a personal loan? Use the Finder app to estimate your chance of approval and apply with greater confidence. Pop in your phone number below to get your download link.
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A competitive fixed rate to purchase a car up to four years old. Option to add on-road costs into loan amount.
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