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There is much variation in calculation methods of maximum loan from lender to lender so a ball-park rule of thumb method is to multiply your Gross taxable income by 0.35(for single income) OR
by 0.30 (for a couple) then divide by the (going interest rate increased by 1.5%.)
E.G. If a couple and gross income is $75,000 and the current interest rate is 7.47% then ....
$75,000 X 0.35 Div by 8.97%. = $292,642 Max Loan.
Lenders generally load the going interest rate by 1 - 2% when calculating your borrowing capacity to allow for a safety margin in case rates rise substantially. This way if you qualify at the
higher repayments, you should have no problems affording any increased payments.
For accurate figures, come back to us as we have up-to-date calculators from each individual lender.
Don't forget, before you get too serious, we can arrange a 'pre-approval' of finance so that you know what your limits are and no surprises.
Download a Borrowing Capacity Assessment form, complete on-line or print off then get it back to us by email, fax, post, and we will come back with a figure for borrowing capacity.
Download: Borrowing Capacity Assessment
Loan Repayment Calculator
Get in touch and we'll be happy to send you a complimentary loan repayment calculator for your computer.
Stamp Duty Calculator
Simply select the property's state, copy and paste correct web address beside it into your web browser for respective stamp duty rates.
Click here for stamp duty links. |
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