Use our mortgage calculators to make smarter decisions that save you money in the long-run, work out how much you can borrow, what repayments you'd be looking at and whether or not you should refinance.
Tips to increase how much you can borrow
Generally avoid having consumer finance debt, but regardless reduce your credit card limits. Lenders will apply a monthly amount of 3% of your limit to your expenses. So if you have a $30,000 credit card limit that will have an implied monthly expense of $900.
That might not make sense given it is probably interest-free. But student loan repayments equate to 10% of your gross income deducted after-tax and the repayments have a massive impact on servicing. For example if you earn $120,000 per year, your repayments will be $1,000 per month which reduces your borrowing power by $143,000.
For borrowers wanting shorter-term flexibility. Popular when mortgage rates are rising as it tends to be the cheapest or when rates are falling so borrowers aren't locked in long term.