Home loan calculators on-line have become a very popular tool for home buyers but they should only be used as rough estimate. Each bank has their own calculators which are likely to vary from any on-line calculator you use. This means that if you are trying to borrow as much as you can that each bank will lend you a different amount.
Most importantly each bank has different rules for what numbers they will include in the calculator – especially in relation to various types of income you earn.
So we’d suggest you use our on-line calculator as a rough guide to whether you could borrow enough for what you want. Daniel discusses on the Key Finance website what types of income you can include.
Don’t be discouraged if you look a bit short. Once we start looking at the actual calculators and rules each bank uses, we may well be able to increase the amount you can borrow by matching you to the right bank.