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How much can I borrow? How much should I borrow?

Your home loan borrowing power is the maximum amount that lenders will let you borrow based on your unique financial situation. Each lender is likely to use a slightly different formula for this, so there isn’t one magic number that tells you how much you can  borrow. uno has a useful calculator, for which we will need to know some basic facts:

  • Your regular after tax income;
  • What debts you need to keep paying;
  • The minimum credit card limit(s) you can live with;
  • How many dependents you have.

The following factors are things we keep in mind when working out a loan amount that is comfortable to repay:

  • How much you need to live on (and if this will change in the future);
  • Other expenses that you must pay, such as child support;
  • How much you want to put towards your savings or investment goals;
  • The buffer you would like to have if your situation changes.

Your ideal loan amount will not be the most you can borrow from a lender but how much you can comfortably repay into the future.

Use our borrowing power calculator here

This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. uno can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender.

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Helen is Head of Content at uno - the smarter, faster way to get a better home loan.


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