How much can I borrow?
Your borrowing power is a critical number to know because it helps you understand how much you can spend on a property.
Although this calculator will give you an indication as to how much you could borrow, your borrowing capacity between two banks could be thousands of dollars – the difference between purchasing your dream house or settling for your second favourite.
We can work with you to understand which lender is best suited for your situation and get you one step closer to achieving your goals.
Get in touch with us via the form below to have an obligation free chat about your borrowing capacity.
Have a question or want to book an appointment with Mike?
Use the enquiry form below to get in touch
Get to know Mike Bloy
Mike is an experienced Mortgage Adviser with a strong background in sales & brokering spanning over 8+ years. Having been a first home buyer before, he understands the comfort that a pre approval can offer, and is a big believer in educating clients on what their borrowing capacity is and how it's determined. Use the calculator above to get an indication of what you may be eligible for, or use the form to enquire with Mike and book a complimentary appointment.
Some FAQs
Why should I calculate my borrowing capacity?
Your borrowing capacity is something you need to know before you commence your property search as it tells you how much you can spend on your new home and where you can afford to live.
What is a pre-approval?
A pre-approval is confirmation from a lender that they are prepared to lend you money. However, it’s a conditional offer – usually based on the value of the property you want to buy.
Why are pre-approvals so important?
Pre-approvals are a good idea for several reasons:
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You know what your budget is. You can begin to start house-hunting with confidence knowing exactly how much you can borrow.
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It speeds up the process. When you find the right home, being able to act quickly could make all the difference. A pre-approval should reduce the wait time for your full loan to come through.
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Sellers expect them. In the current red-hot market, many sellers won’t accept your offer without a pre-approval in place.
A pre-approval gives you confidence going into auctions. And it shows sellers that you mean business. However, most are only valid for six months, and some for only three, so you need to act quickly.
How do I get a pre-approval?
That’s where we come in. Here at Loan Market, we can help you get a pre-approval. Our expert team will guide you through the process. Plus, our advisers have access to over 20 Lenders to make sure you get the best solution for your needs.