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AFFORDABILITY CALCULATOR
AFFORDABILITY CALCULATOR
Have you ever wondered if you could afford a rental property as an investment?
Perhaps you’ve been pondering if you can afford to buy your first house or improve your present one.
Our Loan Borrowing Power calculator can help you figure out how much you can borrow and how much you’ll have to pay back.
You’ll get a quick estimate on how much you may be able to borrow based on your current income and existing financial commitments.
AFFORDABILITY CALCULATOR
Your total monthly payment
Principal & Interest
Property taxes
How do banks calculate mortgage affordability?
Each lender calculates mortgage affordability in a different way, which means there is no ‘hard and fast’ rule to work out exactly how much you will be able to borrow until you go to apply for pre-approval with your preferred lender or preferably through an investment savvy finance broker.
How much do you need to earn to get a mortgage?
Do you think your income is too low to get a home loan?
That’s a myth.
Although home loan lenders do not reject those who earn less than a specific amount, it does indicate that your lending ability is limited.
Because of the manner in which banks work out contract moderateness, as talked about over, how much home loan you might be qualified for is determined at a level of your pay.
Indeed, assuming you have a low pay (The Australian Taxation Office classes an available pay of under $37,000 as a low pay and qualified for the full $700 personal expense offset as laid out in the current year’s Federal Budget, so that could be a decent aide of what is considered ‘low’), your pay could give issues purchasing a home in the present property market, yet at the same it’s certainly feasible.
In fact, some lenders have specific products available which are tailored specifically for low-income earners of single-income households.