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What is your borrowing power? Borrowing power is determined by several criteria; including credit rating, income and expenses, and the amount and interest rate of the loan. A higher interest rate decrease borrowing power and a lower interest rate gives you more borrowing power.
The Borrowing Power Calculator here will help you determine how much you borrowing power you have at different interest rates and loan terms.
- Enter your personal income and expenses
- Select whether the income stated is from a single or joint income, and your number of dependents
- Enter the amount of your net salary, and how often you are paid (monthly or fortnightly). Add in any additional income you receive from other sources
- Enter your annual expenses (or use the default provided). Include the amounts of your monthly car and credit card repayments and any other additional payment obligations
- Enter the interest rate and terms for the loan you are considering obtaining.
The calculator will show you the amount of money you can afford to borrow, and the monthly payment cost for a loan at that amount, interest rate and term: your borrowing power based on the information entered.
Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.
