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NMB, National Mortgage Broker

 

Welcome to Tudor Finance...

Date: April 26, 2018

The Borrowing Power Calculator calculates the potential amount you may be able to borrow for a home loan, with respect to a number of factors about the borrower's personal financial situation.

Key calculator assumptions

Living Expenses

Living expenses are an estimate based on a national average of the Household Expenditure Measure (HEM). This estimate takes into account factors such as the application type (single or joint) and the number of dependents that the applicant(s) support. This amount is used as guidance only in helping you assess your potential borrowing capacity. Your actual expenses may differ from this approximation.

Vehicle expenses are based on the average monthly running costs of a medium sized motor vehicle based on RACV 2015 Motoring Cost Report.

Net Income after Tax

The calculator applies the basic applicable tax rate to 'Before tax' income entered for the current financial year. This does not take into account additional commitments you may have such as HECS-HELP or other applicable levies, for example.

Length of Month

It is assumed that each month is of equal length.

Rounding

Calculated dollar amounts are rounded to the nearest whole dollar.

Monthly Repayment

The monthly repayment is based on an interest rate (repayment rate), which is the average of Australia’s four major bank’s standard (owner occupied) variable interest rate calculated over a loan term of 30 years.

Assessment Rate

The assessment rate used to calculate maximum borrowing power is based on the current repayment rate plus a margin of 2.25%

General

In practice, actual home loan calculations may differ based on how a lender interprets these factors in regards to any given loan. These assumptions allow us to help you determine estimated borrowing power amounts that will help with your research. Before applying for a loan, your actual monthly expenditure and other factors will have to be taken into account in calculating your actual borrowing capacity. The information provided by this borrowing power calculator should be treated as a guide only, and not be relied on as true indication of your home loan repayments, or a quote or indication of pre-qualification for any home loan product.

Applications for finance are subject credit approval. Full terms and conditions will be included in any loan offer. Fees and charges are payable.

Copyright 2001 Tudor Finance Pty Ltd., ABN 16 934 483 403, Credit Representative Number 393142
National Mortgage Brokers Pty Ltd., ABN 88 093 874 376 Australian Credit Licence Number 391209
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