What’s your borrowing power for a home loan? Before you set your heart on that waterfront mansion, use our borrowing calculator to crunch the numbers and work out how much you’ll be able to borrow - and pay back!
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
Read our Mozo Review to learn more about the Smart Booster Home Loan
Owner Occupier, Principal & Interest
Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.
Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
<60% LVR, Owner Occupier, Principal & Interest
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
Owner Occupier, Principal & Interest
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.
Read our Mozo Review to learn more about the Variable Home Loan
Owner Occupier, LVR<60%, Principal & Interest
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
Read our Mozo Review to learn more about the Basic Home Loan
Owner Occupier, Principal & Interest, LVR <80%
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st January 2022. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st January 2022. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.
Read our Mozo Review to learn more about the Variable Home Loan Special
Owner Occupier, Principal & Interest, LVR <70%
Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Plus, $3,288 cashback offer (conditions apply).
Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Plus, $3,288 cashback offer (conditions apply).
Read our Mozo Review to learn more about the Discounted Home Value Loan
Owner Occupier, Principal & Interest
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
OneTwo’s Rate Reducing Variable Rate Home Loan brings features a low variable rate for owner-occupier refinancers. It has low fees and rewards borrowers for repaying the loan by lowering their rate. (T&Cs apply). Available to refinancers in metro NSW and Victoria only.
OneTwo’s Rate Reducing Variable Rate Home Loan brings features a low variable rate for owner-occupier refinancers. It has low fees and rewards borrowers for repaying the loan by lowering their rate. (T&Cs apply). Available to refinancers in metro NSW and Victoria only.
Read our Mozo Review to learn more about the Rate Reducing Variable Rate Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR <60%
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about the Own Home Loan
Owner Occupier, Principal & Interest, LVR <70%
Bluestone's lowest ever variable rates from 2.23%* (2.25% comparison rate**). No risk fees or LMI. No credit scoring, fee-free offset account.
Bluestone's lowest ever variable rates from 2.23%* (2.25% comparison rate**). No risk fees or LMI. No credit scoring, fee-free offset account.
Read our Mozo Review to learn more about the Prime Home Loan
Owner Occupier, LVR<70%, over $700,000
No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.
No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.
Read our Mozo Review to learn more about the Discount Variable Home Loan
Owner Occupier, Principal & Interest, LVR <60%
Low rate variable home loan with optional offset. Free online redraw. No valuation fee. Purchase, refinance or equity release purposes allowed. Min 40% deposit.
Low rate variable home loan with optional offset. Free online redraw. No valuation fee. Purchase, refinance or equity release purposes allowed. Min 40% deposit.
Read our Mozo Review to learn more about the Equity Plus
Owner Occupier, Principal & Interest
Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.
Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.
Read our Mozo Review to learn more about the UHomeLoan
60-70% LVR, Owner Occupier, Principal & Interest
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Read our Mozo Review to learn more about the Evaporate Variable Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Read our Mozo Review to learn more about the Basic Home Loan
Owner Occupier, Principal & Interest, <70% LVR, Debt to Income ratio <6
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%. Refinance to BOQ by 30 November 2021 and get $3,000 cashback (T&Cs apply).
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%. Refinance to BOQ by 30 November 2021 and get $3,000 cashback (T&Cs apply).
Read our Mozo Review to learn more about the Economy Variable Home Loan
Home Loan Package, Owner Occupier, Principal & Interest, LVR <80%
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Owner Occupier
Great low rate on investment loans when you package with your owner-occupied loan.
Great low rate on investment loans when you package with your owner-occupied loan.
Read our Mozo Review to learn more about the Green Home Loan
Owner Occupier, Principal & Interest
No application fee, no monthly fees, no annual fees, no redraw fees. Minimum 10% deposit. Bank-backed. Offset account available. Fast online application process. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^
No application fee, no monthly fees, no annual fees, no redraw fees. Minimum 10% deposit. Bank-backed. Offset account available. Fast online application process. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^
Read our Mozo Review to learn more about the Variable Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR <80%
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
Read our Mozo Review to learn more about the Own Home Loan
Owner Occupier, Principal & Interest, <80% LVR
Lock in a competitive rate for 2 years. Only 20% deposit required. Flexible repayment options and make up to $5,000 in additional repayments annually. Refinance to BOQ by 31 January 2022 and get $3,000 cashback (T&Cs apply).
Lock in a competitive rate for 2 years. Only 20% deposit required. Flexible repayment options and make up to $5,000 in additional repayments annually. Refinance to BOQ by 31 January 2022 and get $3,000 cashback (T&Cs apply).
Read our Mozo Review to learn more about the Discount Fixed Rate
Owner Occupier, Principal & Interest, LVR<80%
Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2021.
Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2021.
Read our Mozo Review to learn more about the Fixed Rate Home Loan
LVR<70%, Owner Occupier, Principal & Interest
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
Read our Mozo Review to learn more about the Back to Basics Special
70-80% LVR, Owner Occupier, Principal & Interest
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Athena automatically lowers the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Athena automatically lowers the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.
Read our Mozo Review to learn more about the Liberate Variable Home Loan
Owner Occupier, Principal & Interest, LVR <70%
Qudos Bank No Frills Home Loan with $0 bank fees and unlimited repayments. Winner of the Split Home Loan award in 2020. ^
Qudos Bank No Frills Home Loan with $0 bank fees and unlimited repayments. Winner of the Split Home Loan award in 2020. ^
Read our Mozo Review to learn more about the No Frills Home Loan
Owner Occupier, Principal & Interest, LVR <80%
Super low fixed rate and only 20% deposit required. Optional 100% offset account. Free extra repayments and redraw facility. Flexible repayment schedule.
Super low fixed rate and only 20% deposit required. Optional 100% offset account. Free extra repayments and redraw facility. Flexible repayment schedule.
Read our Mozo Review to learn more about the Well Balanced Fixed
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Figuring out roughly what a bank or credit union will lend you for a home loan is the first step in the home buying process. Afterall, you don’t want to find the perfect home only to find out that you won’t be able to get the money to fund purchasing it. To help you get an estimate of how much you’ll be able to borrow plug a few of your personal finance facts into our home loan borrowing calculator above. It will give you a good idea of how much you’re able to borrow and successfully pay back on your home loan each month based on your budget so that when it comes time to shortlist the properties in your desired Aussie neighbourhood you have a good idea that you’ll be approved for a loan.
All banks and home lenders will want to make sure that if they loan you money for a new home that you’ll be able to pay it back. Mortgage stress is a real issue and to make sure that you don’t fall victim to this, you’ll want to be really upfront about your income and your liabilities. The main factors that determine your borrowing power are:
Your income will be an important factor when determining your home loan borrowing muscle. If you’re earning a single income you might not have access to as much money as when you’re buying as part of a couple.
Living expenses like your grocery and energy bills are also an important part of the home loan borrowing power formula. The more streamlined you can make these, the more you’ll be able to manage in terms of monthly mortgage repayments. While we give you the option to use default living expenses, we recommend entering your own customised figures so that you will get a more realistic idea of how much you’ll be able to borrow on your home loan.
Do you have other monthly repayments like a car or personal loan? These will also impact your borrowing power for a home loan so it’s a good idea to try and get these as low as possible. And if you have any debts like a credit card bill, make sure that you also include this.
While the standard mortgage term is 25 years, most lenders will have mortgages up to 30 years. The advantage of opting for a shorter home loan term is that you incur less interest over the life of the loan, but this could mean your monthly repayments are a little more steep.
The reality is that over a 30 year mortgage there will be periods when the interest rate on your home loan changes and to protect themselves, banks want to know that if rates do go up, you will still be able to cover your monthly mortgage repayments. It’s also good for your peace of mind to know that if rates jump you will be able to pay back your loan without too much difficulty or at least have an idea of how much extra you will need to find in your budget so that you can cut back on other areas if needed. So have a play around with the rate change functionality of our calculator to get a sense of how much you’d need if there was a rate rise.
In addition to the amount your home loan lender will let you borrow, you’ll also need a home deposit saved up to get your foot in the door of your first property. In Australia, it’s recommended that you have a 20% deposit, but some home loan providers will let you borrow with less as long as you pay Lenders Mortgage Insurance.
LVR stands for loan to value ratio, which is all about how much you’ve saved up for your home loan deposit. Generally, the lower your LVR, the better you’re borrowing power will be. In Australia, the preferred LVR is anything less than 80% - which means you should be aiming for a deposit of 20% or more of the value of your dream home. If that seems like too much of a hurdle, there are lenders who offer low deposit home loans, for LVRs up to 95%. But keep in mind that if you opt for one of these offers, you’ll have to take into account the cost of lenders mortgage insurance.
The more you borrow, the bigger your repayments will be! So even if you qualify for a whopping home loan, ask yourself if you really need it and if the repayments are in line with your monthly budget and lifestyle. A good rule of thumb is to compare the repayment amount with your current rent. If they’re similar figures, you should be able to handle the repayments pretty easily. But remember to plan for the possibility of a rate rise, as shown on the calculator - it’s best to have a financial buffer, just in case.
Another big cost to consider when looking for a home loan is stamp duty. The government can sometimes charge you in the tens of thousands of dollars, which might just about break your budget. If you - or your wallet - don’t like the idea of paying it as a lump sum, you can also opt to add it to the price of your monthly repayments. Find out how much you might be up for in stamp duty with our handy calculator.
To boost your borrowing power before you apply for a home loan, get a copy of your credit report and go over it with a fine tooth comb. Any mistakes or incorrect details could be stopping you from being approved for a loan but keep in mind that, under the new comprehensive credit reporting legislation lenders will also be looking at your positive credit repayments.
Got a credit card debt hanging over you? It could be damaging your chances of getting a home loan. Check out a balance transfer deal and blast credit card debt to get back on track toward a home loan.
Having a regular savings plan will make you look reliable and money savvy. Plus, setting up good savings habits will help you build up a home loan deposit and lower your LVR which will get you a better deal on your home loan.
For more helpful information on how to get your foot in the door of your dream home or fully finance your next investment property, check out our comprehensive range of home loan guides.