Mortgage refinance calculator |

Mortgage Calculators

Use our mortgage calculators to make smarter decisions that save you money in the long-run, work out how much you can borrow, what repayments you'd be looking at and whether or not you should refinance.

Could you be saving money on your mortgage?

Try out our refinance calculator to see if you could save on interest or get cash immediately by refinancing to a new bank.

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How Lenders assess your affordability

Lenders test your ability to afford a mortgage by looking at your repayments over a 30 year term, based on a test mortgage rate of around 7.00%.

Lenders will include 100% of your PAYE income, or the average of the past two year's business income if you're self-employed. For investment properties, lenders will include 75% of the rental income. For owner-occupied properties, lenders have varying boarder income policies however you can typically count on up to two boarders at $150 each per week.

The other big factor when it comes to affordability is disclosure of expenses, which get assessed on a more granular level. Living expenses are assumed around $800 per adult per month and $400 per child along with allowances for insurance, rates, utilities and cars.

Lenders are looking for affordability to be evident in account conduct and bank behaviour. For a first home buyer, the amount you save plus your rent plus discretionary expenses is a good indication of how much you can afford.

Tips to increase how much you can borrow

Generally avoid having consumer finance debt, but regardless reduce your credit card limits. Lenders will apply a monthly amount of 3% of your limit to your expenses. So if you have a $30,000 credit card limit that will have an implied monthly expense of $900.

Debt and borrowing power: Key things to know

That might not make sense given it is probably interest-free. But student loan repayments equate to 10% of your gross income deducted after-tax and the repayments have a massive impact on servicing. For example if you earn $120,000 per year, your repayments will be $1,000 per month which reduces your borrowing power by $143,000.

Debt and borrowing power: Key things to know

For borrowers wanting shorter-term flexibility. Popular when mortgage rates are rising as it tends to be the cheapest or when rates are falling so borrowers aren't locked in long term.