Borrowing power calculator

The home loan borrowing calculator considers the type of loan you’re applying for, your income, and your expenses to give you an idea of how much you can expect to be able to borrow.

There are lots of different factors that go into calculating how much you can borrow for a home loan, and Bendigo and Adelaide Bank designed the borrowing calculator to be a faster and simpler way to get an estimated answer.

Every lender has their own way of calculating borrowing power so you might get different results with other home loan calculators.

To find out your borrowing capacity before applying through the online assessment and application process, check the borrowing calculator.

The minimum home loan deposit required for an NRMA Home Loan is 10% of the property value.

If you borrow more than 80% of a property’s value, you may be required to take out Lenders’ Mortgage Insurance.

If you already own a property, you can also use the equity in your home as an investment property deposit. If you have enough equity, you can borrow up to 80% of the property value without having to use your own cash.

With NRMA Home Loans, you may be able to borrow between $50,000 and $2,000,000.

The amount available to borrow depends on multiple factors. This includes your income, other financial commitments, and family situation (for example de facto, single, number of dependents) and the loan purpose.

When calculating your borrowing power, lenders consider your ability to comfortably meet the loan repayment requirements, which can be impacted by the factors above. While you also won’t be able to borrow more with a higher deposit amount, it may increase your maximum purchase price.

Use the Borrowing calculator to find out your borrowing capacity before starting the application process.

When you apply for a new NRMA Home Loan, you’ll need to provide ID and proof of your finances.

You’ll be asked to digitally verify one of these forms of ID:

• Driver’s licence
• Australian passport
• Foreign passport with an Australian visa
• Medicare card.

You’ll also be asked to verify your current financial situation.

You can do this by linking your bank account(s) to the digital verification technology we use. Or, by manually uploading copies of your transaction statements, loan statements and credit card statements (we’ll let you know what documents are needed during the application).

A credit check will be run once you complete your personal details and have read and consented to the Privacy Disclosure and Consent Form.

Once you submit your documents and your application, you’ll find out if your loan is approved, or if more information is needed.