How much can I borrow

Not sure how much you can borrow? Simply enter your income details below and the Smartline calculator will estimate how much you can borrow. Our home loan repayment calculator will also help you work out your weekly, monthly or annual loan repayments.

How much can I borrow?

Income details

When you apply for a home loan, your lender will want to know your income details. Along with the deposit you pay on the property, your income determines how much you can borrow.

When you take out a loan you’ll need to meet monthly repayments. Your lender will work out how much you can repay each month by looking at your income.

Expenses and debts

Other factors your lender will look at when determining your loan size are your expenses and debts – these are just as important as your income details and deposit size.

Ongoing expenses and debts, such as credit cards and car repayments, can decrease the amount you’re able to borrow. If you’re applying for a loan it’s a good idea to reduce your expenses and debts as much as is possible.

Try our savings plan calculator to help plan your expenses and debts.

Ultimately, if you have fewer expenses and debts you can borrow more – so get rid of that credit card if you’re not using it.

Home loan term

The duration of your loan term can change a number of important factors, including the amount you pay each month. Shorter loan terms can result in higher monthly repayments, but decrease the amount of interest you pay, while longer terms can do the opposite.

While a short loan term means you own your home sooner, it may not always be the best way to maximise your income from a property.

Your mortgage broker can help you work out the best loan terms for your needs and circumstances.

Home deposit size

The amount you’ve been able to save will dictate how much money a lender will let you borrow. If you’ve been able to save a large deposit to buy a home, a lender will likely lend you more.

However, lenders will generally not let you borrow more than 90% of a property’s value. For example, if a property costs $500,000 and you have a $50,000 the deposit, the lender will only lend you $450,000.