Wondering how much you might be able to borrow? It's a common question for folks looking to buy a home or investment property. Luckily, our home loan borrowing power calculator is here to help give you a rough idea. Just input some basic details about your income, expenses, and debts, and our calculator will give you an idea of how much you could potentially borrow to purchase a home.
How to use our home loan borrowing power calculator
Just provide us with a few quick details about your income and spending – like how much you get paid, your regular expenses and bills, and any loans or credit cards you have – and our calculator will give you an estimate of how much you could borrow to buy a home.
It will also crunch the numbers (based on your borrowing power and current interest rates) to give you an idea of what your repayments could be, so you can get a better idea of how much you can afford.
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Maths not your thing? Not a problem – we've got a range of handy calculators to make things simple.
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Got a question about how much you can borrow?
If you’re looking to buy your very first home, with BCU Bank you can borrow up to a loan to value ratio (LVR) of 95%.
As a general guide you'll need a minimum 5% deposit plus your settlement fees and Lenders Mortgage Insurance (LMI) fees. LMI fees will apply if you don’t have a 20% deposit plus settlement fees.
You may qualify to take out (LMI) for deposits less than 20% of the property value.
Any positive financial changes you make can help improve your borrowing power. Changes such as cutting down on your spending, paying off existing loans or credit cards, or increasing your income can all have a positive affect.
Our financial budgeting app mymo is a great place to start tracking and managing your spending.
If you're looking to buy a home, you can apply for home loan pre-approval to help give you peace of mind for when you're ready to make an offer.
Please contact us on 1300 228 228 to speak with one of our home loan specialists, who can guide you through the process.
Find out more about getting pre-approval for your home loan.
LVR stands for Loan to Value Ratio. This is calculated as the amount you want to borrow as a percentage of the value of the property you buy, or that will be used as security.
For example, if you borrow $540,000 to buy a property valued at $600,000, your LVR would be 90%.
Important information
Banking and Credit products issued by Police & Nurses Limited (BCU Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms and conditions, fees and charges apply.
The results from this calculator should be used as an indication only. Figures provided are for illustrative purposes only and are based on the information provided. Results will vary depending on the applicant’s residential location. The calculations do not take into account any product features or fees and charges that may be charged to your loan or fees such as Lenders Mortgage Insurance, which if applicable will add to the cost of your loan and repayments. Results do not represent a quote or pre qualification for a loan. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. For variable Interest Only loans, comparison rates are based on an initial 3 year Interest Only period. For fixed Interest Only loans, comparison rates are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
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