* This calculation is not an offer of credit but an estimate only of what you may be able to borrow based on the information provided and does not include all applicable fees (except for monthly fees). (Additional funds required for transaction and establishment costs). Terms and Conditions available upon application. Other fees, charges and purchase costs apply. Where the loan to valuation ratio is 80% or above, lenders mortgage insurance will be required for a fee. # Higher minimum deposit will be required in some areas. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes. + LVR stands for the initial loan to value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage.
It’s also worth considering how your circumstances could change over the course of the loan and to keep that in mind when using the above borrowing power calculator. Remember that increased borrowing power may not be useful to you if you can’t afford mortgage repayments on the loan. A healthy credit report and good score may improve your borrowing power, while a lower credit score could limit your options. Reducing other debts – reducing credit limits, paying down balances or closing unsecured debts such as credit cards, personal loans and line of credit accounts may help to boost your borrowing power.Ĭhecking your credit health – take a moment to check your credit history and credit score with reporting bodies such as Equifax and Illion.
Having a strong deposit may mean you pay less or no Lender's Mortgage Insurance as part of the loan. Saving – the first step in any home-buying journey is to save a deposit. There are many steps you can take that may help to increase your borrowing power when you apply for a home loan.
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