Our borrowing power calculator is designed to give you an indication of how much you may be able to borrow for your first or next home loan. Simply enter some details about your income and expenses, and calculate your borrowing power in moments. It's important to note, figures provided by our calculator are indicative only, and do not represent a quote or pre-qualification.
It all boils down to:
Primarily, your borrowing power is determined by getting an overall picture of how favourable you are as a candidate for a loan.
This picture comes together by taking into account your income level, your current expenses, how much debt you are currently servicing, and your relationship with credit in the past.
A very wise question. Many loan applicants look at their borrowing power as communicated by a lender, and think that this is the amount they need to borrow.
It's wise to think in terms of what you can afford to borrow. That is to say - how much debt can you take on that won't have a negative impact on your life, regardless of whether your financial circumstances remain the same, or change in the future.
*Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 Australian Financial Services Licence/Australian credit licence 238273
++ $2,000 cashback for loans ≥$250,000 with LVR of less than or equal to 80%, or $3,000 cashback for loans ≥$500,000 with LVR of less than or equal to 80%,. Applications must be submitted by 31/05/2024 and funded by 31/08/2024. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 80% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.
+Additional costs may apply if your loan has a fixed rate.
All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.
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Rate City Gold Award 2024, see http://ratecity.com.au/home-loans/awards for more information
