Home loan pre-approval calculator

Before you start looking for your perfect home, find out if you qualify for the necessary funds with a home loan pre-approval calculator.

Getting pre-approval for a home loan is one of the first big steps to owning your very own home. Pre-approval can give you far more bidding power and confidence when making an offer. Calculate your borrowing power

A number of factors go into home loan pre-approval. Lenders will take into account your income, your assets, your liabilities and the size of your deposit when assessing whether or not to pre-approve you for a home loan. While each lender has their own set of criteria, entering your income and expenses into the calculator above can give you a good idea of the size of loan you're likely to be approved for.

Why is it important to determine your home loan eligibility?


Pre-approval will give you the confidence to make an offer on a property knowing that your financial situation has been reviewed and an independent party thinks you can afford the property. If you don’t qualify for pre-approval, take it as an opportunity to review your borrowing amount or other conditions which may have affected your application.

What home loan can you afford?

The extra costs that pop up while buying a home can be surprising. Government taxes and bank fees can hit hard, and eat away at the size of your deposit.

One of the first things most people decide about their home loan is whether to go with a fixed or variable interest rate. A variable interest rate home loan can let you take advantage of favourable market conditions, as variable interest rates will fluctuate with market conditions and the official cash rate set by the Reserve Bank.

With a fixed rate loan, you will always know exactly how much your monthly repayments will be, which can make it easier to plan your budget.

You need to consider the rates as well as the other features of a home loan to determine whether the product will be suitable for your borrowing needs.

Lenders mortgage insurance (LMI) may be applicable if you've saved less than a 20% deposit. The cost of this insurance can run into the tens of thousands. One way to avoid it might be to ask a family member to act as guarantor. Some lenders will allow you to capitalise LMI onto your home loan, although this will increase your repayments and interest as it is considered part of your principal.

Stamp duty is another upfront fee you’ll have to pay. The amount will vary depending on the price of the property you buy, and which state or territory you live in.

Once you have counted in all of the extra fees and charges and the deposit, calculate the cost of your monthly repayments. This amount will determine your ongoing ability to keep up with your home loan, and can give you a good indication of your chances of pre-approval.

Compare home loans from across the market

Rates last updated November 18th, 2018
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
$0 p.a.
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
$0 p.a.
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.
$0 p.a.
A home loan with no ongoing fee and a redraw facility that you can borrow up to 95% LVR.
$0 p.a.
A simple mortgage with a competitive interest rate and no application or monthly fees. Borrow up to $2000000 from a convenient online lender.
$0 p.a.
Get a very low interest rate and avoid big fees. Apply online for full approval in under 30 minutes and add a 100% offset account for $10 a month.

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Marc Terrano

Marc Terrano is a Lead Publisher 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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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.

Tic:Toc Live in Loan Variable Rate - Principal & Interest

Get a very low interest rate and avoid big fees. Apply online for full approval in under 30 minutes and add a 100% offset account for $10 a month.

HSBC Home Value Loan - (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.

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One Response

  1. finder Customer Care
    JonathanAugust 3, 2017Staff

    Hi Angelo,

    Unfortunately pay slips are required to justify income claims to the bank. The payroll team at your employer should be able to create/ send you the payslips.

    Best regards,


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