Enter Your Income
On the first tab you will need to enter your income from your job(s) and any other sources of income like second jobs or investments. You can choose to enter your income as before or after tax. Enter...
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How Much Can I Borrow?
The one question I get asked the most as a mortgage broker is “how much can I borrow to buy a property” and it’s why we have a calculator here for you!
Borrowing power is the maximum amount a lender will lend you for a home loan. Your borrowing power is based on your savings, income, expenses, debts and credit scores. Knowing your borrowing power is important as it helps you set realistic expectations and narrow down your property search to homes within your budget.
No Obligations
How to use
How To Estimate Your Borrowing Power
Enter Monthly Expenses
How much do you spend each month on food, petrol and car maintenance like rego, insurances, holidays, health and beauty? You’ll notice the more you spend each month, the more it reduces your borrowing...
Enter Other Loans And Credit Cards
How to calculate ‘’Minimum monthly repayments”. This section asks for the total of all your minimum monthly repayments on your debts. List down on paper every debt you have, which includes HECS, all p...
Take Steps To Increase Your Borrowing Power
Our Borrowing Power Calculator will give you a low estimate.
Before you start calculating here (or on any other online calculators), be aware that the estimate of what a bank will lend you for your home will almost certainly be very low!
There are a few reasons for this, with the main one being you have probably not taken steps to increase what the bank will lend you.
At Blackk Mortgage Brokers we specialise is getting you home loan ready which includes helping you to optimise what you can afford to borrow. In reality, when we are working with you on your home loan, your borrowing power will likely be significantly higher because we give you personalised strategies that directly impact the formula a bank uses to calculate borrowing power.
Talking to me at least 6 months before you are ready to buy will help you increase your borrowing power so you can buy a better home.
4 Strategies
Four Strategies To Increase Your Borrowing Capacity
Reduce Credit Card Limits
Reduce your credit card limit from $5,000 down to $1,000, to increase what you can borrow by $18,000.
Increase Your Salary
- From $100,000 p.a. to $110,000 p.a. to increase your borrowing capacity by $24,000.
- From $110,000 p.a. to $120,000 p.a. to increase your borrowing capacity by $64,000.
Check Personal Loans
Car repayment of $100 per month reduces your borrowing power by about $12,000. Consider paying down in full.
Reduce Private Health Insurance
Reduce your private health insurance premium by $100 per month, to increase your borrowing capacity by $12,000.
