Frequently Asked Questions

Question 1

Is this “how much can I borrow” calculator accurate?

Accepted Answer

{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Our calculator provides a good estimate based on standard lending principles and the information you input. However, the final amount you can borrow depends on a full assessment by a specific lender, including credit checks and verification of your details. It's an indicative tool, not a guarantee.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":"ltr","format":"","indent":0,"type":"root","version":1}}

Question 2

Does using a borrow calculator affect my credit score?

Accepted Answer

{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"No, using online borrowing calculators like this one does not impact your credit score. They are informational tools and do not involve a formal credit inquiry.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":"ltr","format":"","indent":0,"type":"root","version":1}}

Question 3

What is Lenders Mortgage Insurance (LMI)?

Accepted Answer

{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"LMI protects the lender (not you) if you default on your loan and your deposit is less than 20% (LVR above 80%). The cost is usually passed on to the borrower and can be paid upfront or added to the loan amount.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":"ltr","format":"","indent":0,"type":"root","version":1}}

Question 4

I am self-employed. How does that affect how much I can borrow?

Accepted Answer

{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Lenders typically require more documentation (e.g., 2 years of tax returns and financials) for self-employed applicants to verify income stability. While it might require more paperwork, you can certainly still borrow if your income is consistent and verifiable. Our specialists can advise on specific requirements.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":"ltr","format":"","indent":0,"type":"root","version":1}}

Question 5

What's the difference between this calculator and home loan pre-approval?

Accepted Answer

{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"This calculator gives an instant, unverified estimate. Pre-approval involves submitting documentation to a lender who performs a preliminary assessment and provides a conditional offer for a loan amount, subject to final checks and property valuation. Pre-approval is a much stronger indicator of your borrowing capacity.","type":"text","version":1}],"direction":"ltr","format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":"ltr","format":"","indent":0,"type":"root","version":1}}

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