See roughly how much a bank will lend you before you apply.
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Lenders work out your monthly surplus — after-tax income minus living expenses (at least a benchmark for your household), other repayments and about 3.8% of credit card limits — and check you could still pay if rates rose 3 percentage points.
Many lenders also cap total debt at about 6 times gross income. Cutting credit card limits and other debts is often the fastest way to borrow more.
| Your income before tax | 100,000 $ |
| Partner's income before tax | 60,000 $ |
| Dependants | 1 |
| Living expenses a month | 3,000 $ |
| Other loan repayments a month | 0 $ |
| Total credit card limits | 0 $ |
| Home loan interest rate | 6% |
| Loan term | 30 years |
| Deposit saved | 100,000 $ |
| Estimated borrowing power | $845,000 |
| Property price with your deposit | $945,000 |
| Repayment at 6% | $5,066 a month |
| Assessed at (rate + 3% buffer) | 9% |
| Monthly surplus used | $6,805 |
| Living expenses used | $3,850 a month (lender minimum) |
$845,000.
| Your income before tax | 90,000 $ |
| Partner's income before tax | 0 $ |
| Dependants | 0 |
| Living expenses a month | 2,500 $ |
| Other loan repayments a month | 0 $ |
| Total credit card limits | 0 $ |
| Home loan interest rate | 6% |
| Loan term | 30 years |
| Deposit saved | 100,000 $ |
| Estimated borrowing power | $421,000 |
| Property price with your deposit | $521,000 |
| Repayment at 6% | $2,524 a month |
| Assessed at (rate + 3% buffer) | 9% |
| Monthly surplus used | $3,390 |
| Living expenses used | $2,500 a month |
$421,000.
Typically around $500,000–$600,000 for a single person with no debts at a 6% rate, depending on the lender and expenses.
APRA expects lenders to check you can afford repayments at least 3 percentage points above your loan rate.
Yes — lenders count the limit, not the balance, at roughly 3–3.8% a month.
Total debt divided by gross income. Many lenders are cautious above 6.