Home Loans and Finance
Figure out how much money you can borrow with our home loan borrowing calculator, compare different types of home loans, and understand the costs - LMI, deposits, and pre-approvals, even before you apply, to avoid any confusion. By using our calculator, you can view your repayments in real time.
The Short Answer
Before giving a home loan in Australia, lenders consider several factors that determine your borrowing power. They consider your income, expenses, debts, deposit, and interest rates. This is an important process lenders perform to check if you can afford repayments at today's interest rate. This is also known as the serviceability buffer. Aim to save at least 20% of the property's price as your deposit, which helps you avoid paying lenders' mortgage insurance (LMI).
Estimate your Repayments
Drag the sliders to see how the loan amount, interest rate and term change your monthly repayment.
Indicative only. Assumes principal & interest repayments at a constant rate. Your actual rate and repayments will differ.
Estimated repayment
$3,597
per month
Want a Personalised Figure?
Check out our home loan borrowing calculator, factor in your income, expenses, and debts.
How Much Can You Borrow?
How much the lender will lend you depends completely on your borrowing power. You can use our home loan borrowing calculator to find out the same. Your income, living expenses, existing debts, your deposit, and the interest rates decide the amount. Lenders also apply a serviceability buffer to test your repayment ability, if the rates go up by three percentage points in the future.
You can reduce debts and card limits to borrow more and save a huge deposit, or even add a co-borrower. For first home buyers in Australia, you can check the grants and schemes in our first home buyer guide.
Home Loan Types Compared
Select the tab that interests you, as most Australian home loans come in various types.
With changing dynamics of the market, the rates also go up or down, and usually come with offset accounts, redraw and unlimited extra repayments.
Works for you
Flexible features, easy to make extra repayments, benefit when rates fall.
Watch for
Repayments rise if rates go up, so budget for a buffer.
The Details, Expanded
Select the preferred for a detailed explanation.
The deposit and LVR show how much you are borrowing compared to what the property is actually worth. If you put down a 20% deposit, your LVR is 80% — one of the best spots because you won't have to pay LMI. The bigger your deposit, the lower your LVR will be. Check out our first home buyer guide to see how much deposit you will need, and you can also use our home loan borrowing calculator.
FAQs on Home Loan
How much can I borrow for a home loan in Australia?+
To borrow for a home loan in Australia, you need to estimate your borrowing power, which is decided by your income, living expenses, existing debts, deposit and the rate. You can use our power calculator to get a quick and accurate estimate before you talk with your lender or broker.
Fixed or variable rate, which one should I choose?+
Fixed rates offer repayment certainty, while variable rates can rise or fall and offer many other features, so the ideal choice would be getting some of both to split the loan.
How long does pre-approval last?+
The pre-approval lasts up to three months; if it lapses before you make the purchase, no need to worry, as you can renew it later with the help of your lender.
What is Lender's Mortgage Insurance?+
A single premium that safeguards the lender in case you fail to meet your loan obligations, typically required when your deposit is less than 20%. First home buyers who qualify can bypass this requirement through the Home Guarantee Scheme.
Find Out What You Can Afford, Then Start Searching
See how much you could borrow, then explore verified listings within your price range.