How this home loan calculator works

One calculator, two answers that belong together: what you could borrow, and what the repayments on it would be. Enter your income, household and debts once, and both numbers move as you change anything. Nothing is stored, nothing is emailed, and you do not have to give us your details to use it.

What you could borrow

The estimate follows the way lenders actually assess a loan, not a rule of thumb. Income is taxed at current resident rates, living expenses are assessed at the higher of what you spend and the household benchmark, and your repayments are tested at your interest rate plus a three percentage point buffer, which is what the regulator requires lenders to do. Credit card limits count at 3.8% of the limit every month whether or not you use them, and rent you receive is counted at 80%. That is why a card you never touch can quietly cost you tens of thousands of borrowing power.

What it would cost each month

Drag the loan amount and the repayment updates with it, weekly, fortnightly or monthly, using the standard principal-and-interest formula. Add your deposit and the page also shows the purchase price it supports and the LVR, including a note when you would be above 80% and into Lenders Mortgage Insurance territory.

One thing worth trying: switch from monthly to fortnightly. Paying half the monthly amount every fortnight means 26 half-payments a year instead of 24, so you make the equivalent of one extra monthly repayment annually without really feeling it. On a typical 30-year loan that alone can take years off the term.

Where lenders differ

Treat the borrowing figure as a solid starting point rather than an answer, because every lender runs these rules slightly differently and the spread between the most and least generous is often large enough to decide whether a purchase happens. The parts that move the most:

• How your income is treated. Overtime, bonuses, casual work, rental income and self-employed profit are each counted at different percentages by different lenders.
• Living expense benchmarks. Each lender sets its own floor by household size, income and postcode, so the same family assesses differently across the panel.
• Debt-to-income limits. Many lenders tighten or decline above roughly six to seven times income, while others assess it case by case.

If you want the real number for your situation, that is a conversation rather than a formula — that is what we do.

What the calculator does not include

The repayment figure is principal and interest on the loan itself. Your actual cost of owning also includes:

• Council rates, water and strata or body corporate fees
• Building and contents insurance
• Lenders Mortgage Insurance, if you are borrowing above 80% of the property value
• Ongoing loan or package fees, where the product has them
• Upfront costs: stamp duty, conveyancing, building and pest inspection, lender fees

First home buyers should check the deposit and grant rules before budgeting — in South Australia the stamp duty position differs sharply between new and established homes.

Common questions

Is this calculator free?

Yes, completely, with no sign-up. Use it as often as you like.

How accurate is it?

The repayment maths is exact for the figures you enter. Whether those figures match what a lender will actually offer you is the separate question — that depends on the lender’s assessment of your income, debts and the property.

Can I work out how much faster I would pay off the loan with extra repayments?

Adjust the term and compare the totals. Even small regular extra payments early in a loan have a disproportionate effect, because in the early years most of your repayment is interest.

Does using this affect my credit score?

No. It is a calculator in your browser. Nothing is submitted anywhere and no credit enquiry is made.

What interest rate should I put in?

Use a realistic current rate for the loan type rather than the lowest advertised one. If you want to stress-test, try adding two or three percentage points and check the repayment is still something you could live with.

Free for anyone to use, including other brokers

Buyers, agents, accountants and other brokers are welcome to use this calculator and to link to it from their own sites, newsletters or client emails. No permission needed — a link back to this page is appreciated. It is here because a straight answer about repayments should not be behind a lead-capture form.

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Estimates only, for general information. Results are not an offer, a quote, or credit assistance, and do not take your objectives, financial situation or needs into account. Actual repayments and borrowing capacity depend on the lender’s current policy, the product, and assessment of your circumstances. Easy Loan Finance is a Credit Representative (CRN 568863) of Beagle Finance Pty Ltd, Australian Credit Licence 383640.