Mortgage Borrowing Calculator

Find out how much you can borrow easily by entering your details below with your estimated borrowing power displayed under the graph. Whether you calculated that you can borrow what you need or the estimation fell short, Mortgage House can help.

Loan Details

The interest rate for the loan.
% p.a.
What is the length of time to repay the loan?
years
Will the loan be for yourself or joint with another applicant?

Yes

No

Any person who depends on you for financial support e.g. your children?

Annual Net Income

Your net income per year i.e. after tax
$
Your partner's net income per year i.e. after tax
$
Any other income you may receive each year e.g. rent from a property, interest on savings or dividends from shares
$

Monthly Expenses

Personal monthly expenses e.g. rent, bills, shopping, fuel etc.
$
Any repayments you have to make each month to cover your credit cards or other loans
$
Any other monthly expenses
$

Your Monthly Repayment

per month

You Can Borrow Up To

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable.

WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.

What information does a borrowing calculator give me?

Borrowing calculators are designed to give you an indication of how much a bank or other lender may lend you. While the calculators are only a guide, they can give you an estimation of your borrowing power, which can help you narrow down, or even increase, your property purchase options. It’s important to make sure the information you put into a borrowing calculator, such as your net income and expenses, is as accurate as possible. And it’s also important to make sure the details of the loan you want are also accurate. Once you have done that, our borrowing calculator will give you a dollar figure, or your borrowing power amount. Armed with that information, you can get in contact with us and start your loan application process. Even if the estimation you received falls short, contact us and we can work with you to find other suitable options. Bear in mind most banks and lenders today will not lend you 100% of the price of a property. So whatever figure our borrowing calculator arrives at, how much you can borrow can also depend on the value of the property.

What mortgage repayment frequency should I choose?

Once our borrowing calculator has given you an overall mortgage figure, it will also let you know how much the monthly repayments for that loan could be. However, it could also be worthwhile to investigate fortnightly repayments instead. Repaying your mortgage fortnightly instead of monthly can save you money over the life of the loan, because you will pay off your loan sooner. If your repayments are $1000 a month, you will pay $12,000 off your loan each year. If your repayments are $500 a fortnight, you will repay $13,000 a year, an extra month’s repayments. This can save a lot of money in interest payments over the life of your loan, however be aware it means paying more than the monthly repayment.

mortgage borrowing calculator

What home loan products can I choose from?

Once you have calculated your borrowing power, take a look at the range of home loan products we have available. At Mortgage House, we have the knowledge, experience and competitive advantage to develop, tailor and diversify our products to better service our customers. That includes mortgages for first home buyers or second home buyers, those looking to invest, refinance, renovate or build their own home, even those who are self-employed or who are having trouble pulling a deposit together and need the help of their family.  We have a range of both variable and fixed rate mortgages, as well as mortgages you can take with you from house to house. We also offer split mortgages, toggle offset mortgages, interest only loans, and low-deposit loans. Our bridging loans can help if you want to buy a new home before selling your current one, and if you are looking for a loan but struggling with the amount of documentation needed, we have options for you as well. At Mortgage House, we also have loan options if you have a bad credit rating, or if you are after a line of credit.

How does a mortgage repayment calculator work?

Our mortgage repayment calculator can help you get into the detail of how much repayments for any of our loans can be. Simply enter the amount you want to borrow, the interest rate of the loan, the period of the loan and whether it is a principal and interest loan, or an interest-only loan, into the areas provided. If the advertised interest rate is an introductory rate, click the relevant buttons and enter the introductory information. Make sure the information is correct and remember, mortgage calculators are a guide only. Contact our experienced lenders if you want more detailed information. It is also important to remember the repayments calculator doesn’t take into account any fees, charges and penalties.

What results do I get from a repayments calculator?

Once you enter the information into a repayments calculator, you will receive at least two figures – the repayment amount options and the total interest payable. The total interest gives you an indication of how much you will pay overall, simply by adding the principal amount to it. The repayment options include different figures for monthly, fortnightly and weekly payments. As we mentioned above, fortnightly or weekly payments can save you money over the life of the loan, compared to monthly. If the loan you have chosen includes an introductory interest rate, you will also see the repayments for that period, and a clear difference between the two figures. Finally, the graph will give you a handy visual of when you will pay the interest part of your repayments, and how much it will be.