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What are the factors that determine my borrowing power?
There are eight main factors that influence how much you can borrow.
- Your income
- Your outstanding debts
- Your living expenses
- Your credit history
- The size of your deposit
- The type of home loan sought
- Your assets
- The value of your property
How do I calculate my borrowing power?
The best way to calculate your borrowing power is to talk with your broker. They have the tools and expertise to easily compare amongst the hundreds of available options. If you’re simply looking to get a rough idea of how much you can borrow, there are several calculators that will help.
