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.
uno home loans

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.

uno home loans
* Three year fixed rate, owner occupier, P&I loan with a maximum LVR of 95% and a loan amount >$150,000. Lender rates and products may change. We cannot suggest you remain in or switch to any loan until we complete our assessment. Fees and charges apply. ^ WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate is calculated on the basis of a loan of $150,000 over a term of 25 years. ± All loan applications are subject to uno assessment and lender approval. uno does not guarantee that it will be able to find a customer a better loan than the one they currently have or to save them money.