Mortgage Borrowing Calculator

A Borrowing Calculator allows you to calculate based on the mortgage repayment you can afford how much you can borrow. If you’ve ever wondered “how much home loan can I borrow?” this borrowing calculator will work that out for you based on the mortgage rate and term of the loan.

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Mortgage Borrowing Calculator

Frequently Asked Questions

How much home loan can I borrow?

Use the Borrowing calculator to work out your borrowing power. The value is calculated using a number of different factors such as your income, length of employment in your current job, how much you spend and the value of your deposit. Lenders calculate this slightly differently which is why the calculator provides you with a range. A mortgage broker can obtain a borrowing preapproval for you if you need a more precise answer to how much home loan I can borrow.

How much is a deposit on a house?

Most mortgage lenders require a 20% deposit, otherwise, you may be subject to paying Lender’s Mortgage Insurance (LMI) which can cost you thousands of dollars. If you are a first-home buyer, you may be eligible for government grants or relief that enable a deposit of as little as 5%.

What is a home loan borrowing calculator?

A home loan borrowing calculator tells you how much money you can borrow from a mortgage lender to purchase a home.

What are the home loan calculator borrowing inputs?

To use the home loan calculator, you need to include your income, your spending amount, the length of your current employment, and your deposit amount.

What is the difference between cash rate vs interest rate?

The cash rate is the rate of interest the Reserve Bank of Australia charges commercial banks for overnight loans. Conversely, interest rate is the rate that lenders charge borrowers for loans like home loans.

How can I find lower mortgage rates & home loan interest rates?

The easiest way to find lower mortgage rates & home loan interest rates is to use a mortgage broker. A mortgage broker shops around for mortgage lenders and mortgage products that suit your personal needs. Mortgage brokers like One Click Life work with your best interest in mind, ensuring the interest rate you receive is low.