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How much can I borrow?
Find out how much lenders may loan to you.
Find out how much you may be able to borrow and your likely monthly repayments.
This calculator will provide a snapshot of what you may be able to borrow, based on the mortgage interest rate, mortgage term and your own income and expenses.
This calculator is a wonderful starting point in your search for a new home. Your requirements may include location and number of bedrooms or bathrooms and now you will be able to search based on property value too. If you are using online facilities to look for a future home, including a price as a search parameter will reduce the number of results you see, making the results more effective and realistic for you.
Amend your inputs to improve the outputs
Make the most of the calculator by adjusting the figures to improve the amount you may be able to borrow or your estimated monthly repayment.
Mortgage loan term and interest rate
It’s unlikely you will be able to change the interest rate payable, but increasing the duration of the loan may impact your monthly repayments.
Obviously, the amount you will be able to borrow is affected by your income. You could consider increasing your income to be able to borrow more. You may increase your income by working more hours or taking up a second job. Ask for a pay rise at work or learn new skills to male yourself more valuable to employers.
Your expenses can also be changed. You are likely to have regular, fixed expenses and some you can change, or not pay at all!
Expenses such as rent or mortgage repayments, council tax bills, utilities and house/contents insurance are most likely fixed.
Necessities for life
This section includes food, groceries, toiletries, cleaning and hygiene products plus essential clothing. You are able to save on these expenses by shopping around for more cost-effective products. If you eat out or have food delivered often, cooking at home will probably reduce your outgoings.
There may be surprising reductions to your outgoings to be made by reviewing your transportation costs. If you own your own car and don’t use it regularly you may make considerable savings by getting rid of your car. Do you have public transport links to your work location? Catching a bus or train into work may work out cheaper than driving in and paying for parking.
If you enjoy an occasional weekend away or a road trip, consider vehicle rental instead of using your own car. Paying for a hire vehicle, when needed, may save you the expenses associated with vehicle ownership such as loan repayments, fuel, licensing, insurance, servicing and parking/storage. All of these things remain as ongoing expenses whether you use the vehicle or not!
Encompassing holidays, restaurants and takeaway food, sports and gym membership, alcohol, gambling and gifts, there are often ways to reduce leisure costs. If you are prepared to work out at home, take cheaper holidays and make coffee instead of buying it by the cup, you can probably greatly reduce your regular expenses.
Your credit card limits
A large available limit on your credit card is a financial risk to lenders. If you used your card to purchase a high-value item, such as a car or luxury holiday, you should consider asking your credit card provider to reduce the credit limit before applying for a home loan.
Note: Outputs from this calculator are estimates and provided as a guide only. The figures should not be regarded as a quote, loan offer, or lending advice.
Need a hand?
Remember, you can talk directly to one of our accredited Personal Finance Managers on 1300 REDUCE (733 823). They’ll answer any of your questions and you can even apply for a home loan on the spot.
Want a call back? Fill in a no-obligation enquiry form or speak to our live chat representatives and the next available Personal Finance Manager will call you back.
HOME LOAN CALCULATORS
Extra repayment calculator
Pay off your loan quicker with extra repayments. Find out how much quicker with this calculator.
how much can i borrow?
Find out how much you can expect our funders to lend you based on your income and living expenses.
With an offset account attached to your loan, you can reduce the amount of interest you pay.
Compare repayments between principal and interest, and interest only options, or find the total cost of these loans.
Purchasing a property? Find out how much stamp duty you’ll pay based on your state and purchase price.
Curious about your own budget? Calculate your finances and figure out your cash flow here.
If you’ve got a goal for your savings, this calculator can help you understand how long till you reach it.
Calculate how much you can save with regular deposits in a savings account accruing interest over time.
Find the Cheapest Home Loan that’s right for you
No matter what stage of the home loan journey you’re at, we’re here to help you find a great rate across variable, fixed or a mix of both.
Our home loan range also offer great features and flexibility, so you can apply with confidence.
Why choose Reduce?
COMPARE OUR HOME LOANS
Compare rates, features and fees across all our home loans in this easy table.
At Reduce Loans, we aim to help you select the best home loan for you and your situation.
This information is to help guide your decision.
If you have any questions please contact our friendly team of experts who are here to help.