Borrowing Capacity Calculator
Need more than just numbers?
Although this calculator will give you an indication, the finer details could mean thousands of dollars difference a year on your loan– so please just get in touch to understand a potential loan in more detail. We're here to help.
Get expert finance help, here's how:
1. Reach out
Our home loan experts are here to help and we're a friendly local North Brisbane team. Simply reach out here.
2. Your goals
Knowing your unique needs is the next step, including using our calculators and understanding your lifestyle and goals.
3. Your loan
We set about finding the right loan for your needs, comparing 60+ most trusted lenders in Australia.
Why choose Kelly Brothers Finance for your borrowing needs?
We Keep It Simple
When it comes to your loan, we make sure that you understand all the steps and requirements, and we make it easy.
We're Family
We're a family run team, and believe in ensuring you have the right home loan for not only your needs, but your family too.
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Your loan requires ongoing insights and maintenance. With KBF you don't need to worry, we take care of that for you.
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What is a Borrowing Capacity Calculator?
A Borrowing Capacity Calculator is an online tool that helps estimate how much you may be able to borrow for a home loan based on factors such as your income, expenses, debts, and financial commitments. It provides an approximate borrowing amount but does not guarantee loan approval.
How accurate is a Borrowing Capacity Calculator?
While a Borrowing Capacity Calculator provides a useful estimate, it does not replace a formal loan assessment. Lenders consider additional factors like your credit score, employment history, and loan type. For an accurate assessment, it's best to speak with a mortgage broker like KBF.
What factors affect my borrowing capacity?
Your borrowing capacitydepends on several factors, including:
- Income: Your salary, rental income, or other earnings.
- Expenses: Monthly living costs and financial commitments.
- Existing Debts: Credit cards, personal loans, or car loans.
- Interest Rates: Higher rates can reduce your borrowing capacity.
- Loan Term: Longer terms may allow for higher borrowing amounts.
How can I increase my borrowing capacity?
To improve your borrowing capacity, you can:
- Reduce existing debt (e.g., pay off credit cards and personal loans).
- Increase your income through a raise, side hustle, or rental income.
- Lower your expenses by budgeting effectively.
- Improve your credit score by paying bills on time and limiting new credit applications.
- Opt for a longer loan term if suitable for your situation.
