Borrowing Power Calculator
Before you get started on a home loan, use this borrowing power calculator to get an upfront estimate on how much you coud borrow based on your income and expenses.
Borrowing Power Calculator
Why use a borrowing power calculator?
If you’re in the market for a loan, it can be helpful to know what your borrowing power is before you start applying. A borrowing power calculator is an online tool that can provide an estimate of the maximum amount you could borrow based on your income, expenses and other financial factors. This can help you determine how much you can afford to borrow, and potentially save you time by only applying for loans that are within your borrowing capacity.
Important things to note when using our borrowing calculator.
There are a number of parts to the calculator that MUST be adhered to, to give you the most accurate amount you can borrow, below we have listed some common things that are either missed or forgotten !
- Net Pay – your pay that goes into your Bank Account every week
- Net Pay 2 – Only for joint applicants – use your partners income here
- Other net income – this can be bonuses, commissions or Family Tax Benefit for example
- Living Expenses – Don’t cut corners here we have to verify your expenses so if you get it right up front there are no surprises – alcohol and tobacco are common ones !
- Credit Card Limits – Even if you pay them off every month, you must input the total amount of your LIMITS.