Buying a home can be an exciting step toward your future! But if you’re not sure what you can afford, it can also be a stressful one. So let’s cut out the guesswork. See how much you can afford to borrow with Mozo’s new home loan affordability calculator.
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Read reviews and learn more about Unloan home loans
Go to siteNo upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.
Read reviews and learn more about Macquarie home loans
Go to siteAffordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.
Read reviews and learn more about loans.com.au home loans
Go to siteBCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
Read reviews and learn more about BCU Bank home loans
Go to siteConvenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.
Read reviews and learn more about Macquarie home loans
Go to siteCompetitive interest rate. No ongoing monthly loan maintenance fees. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.
Read reviews and learn more about P&N Bank home loans
Go to siteSecure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
Read reviews and learn more about BCU Bank home loans
Go to siteGet repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Choose to repay weekly, fortnightly, or monthly.
Read reviews and learn more about P&N Bank home loans
Go to siteEnjoy a discount of 0.40% p.a. applied for the first 12 months of the loan. No application, account or establishment fees to pay to help pay. Make additional repayments without being penalised. Other fees may apply. 20% deposit required.
Read reviews and learn more about SWSbank home loans
Go to siteGet the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
Read reviews and learn more about IMB Bank home loans
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Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Mozo’s home loan affordability calculator is a budgeting tool that helps you estimate how much you could borrow on a home loan (i.e. your borrowing power).
Using your income and expenses, the calculator tests your finances and shows you how your lifestyle affects what you can afford to spend on a home.
The calculator considers typical homebuyer expenses like the initial deposit, loan term, monthly repayments, interest rates, taxes like stamp duty, and lenders’ mortgage insurance, and lays out all these costs in a simple, easy-to-read way.
All you need to do is simply plug in the numbers and go!
To use Mozo’s home loan affordability calculator, you’ll need to have some basic information about your living expenses and salary on hand. The more specific you are, the better!
For instance, you will need the following:
Once you have this information, plug the numbers into the relevant fields. The calculator will then show you how much you can afford, with a helpful summary of hidden costs to consider.
Need help determining what your living expenses are? Use Mozo’s budget calculator to break it all down in a handy spreadsheet, or download a budgeting app to do it for you.
Like any financial tool, a home loan affordability calculator isn’t all-powerful. While it can be a valuable and free way to estimate your borrowing power, it also has some key limitations.
Let’s discuss the pros and cons of using a home loan affordability calculator.
These drawbacks don’t mean the home loan affordability calculator can’t be useful; they mostly just show you where it may have some blind spots.