This is often the very first step people take to work out how much they feel comfortable borrowing. It is also the most commonly asked question we receive.
While the banks will dig further into your monthly spending habits and add additional buffers to make sure you can afford it without struggling this is a brilliant place to start.
If you're looking to purchase or just wondering how much you could save by refinancing then check out our repayment table below to give you an estimate.
As of February 2021, the below table represents some of the best rates available:
Did you know the average variable basic home loan rate most Australians are currently paying is *3.94%. That's potentially a massive 1.75% more than the leading rate! On a $400,000 loan over 25 years this is the difference of $365 per month or $4,380 per year in payments. If you used the extra savings to make overpayments on your mortgage this would reduce your mortgage term by over 5 years!
If you want to find out a more accurate figure then check out our range of calculators on our website. Alternatively, contact us today and we would be happy to help.
Phone: 0423 269 468
WARNING: The contents of this communication is not designed to replace credit advice. We have not taken into account your needs, objectives, or financial situation. The 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 a $150,000 secured loan over a 25-year term.
*Rates are averages taken from all comparable loans in Finder's database, which covers a large portion of the Australian mortgage market, and from users of the Finder app.
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