Find out your borrowing power with banks
Monday July 21, 2008
Before you start approaching banks for a home loan, think about using a borrowing power calculator to give you a rough guide as to how much you can afford to pay back. If you have a rough idea as to how much you can afford, you may be able to go to your banks and see if they agree with your estimates.
A borrowing power calculator requires you to fill in details about your income and expenses. The borrowing power calculator will also require a few details about your home loan to assist in its calculations.
Based on the data you've entered, you'll be given a rough estimate on how much you can borrow and how much your monthly repayments will be. Banks often offer borrowing power calculators on their websites as well.
Compare banks home loans now and try out our other calculators.
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