Australian online mortgage calculators can provide a good guide as to how much you can borrow. However, you need to be realistic when using these calculators as they make various assumptions about your living expenses and lifestyle.
Here are some calculators to help you make a more accurate assessment of how much you can realistically borrow.
A budget calculator is an excellent resource to estimate your weekly, monthly and yearly costs. It basically works by inserting your expenses and the amount that you save each week or month plus rent paid is a good determinate of how much you can borrow.
Once you have worked out how much you can save each month you can use this figure to estimate how much you can borrow by using a borrow amount calculator. This will give you an estimate of how much mortgage providers are likely to lend to you.
Please note that the amount you can borrow is only an estimate. Most lenders have different criteria when assessing each applicant and the amount you can borrow can vary significantly.
The best way to find how much you can borrow from a number of lenders is employing the services of a mortgage broker. They can save you time by submitting one application and work out how much you can realistically borrow from a number of lenders.