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How much can I borrow for a home loan?

Mortgage House has been finding home loan options for Australians for more than 30 years. We have a strong goal to provide a home mortgage service that is accessible and that allows Australians to secure their dream of home ownership. Finding a suitable home loan and working out how much you may be able to borrow, starts with understanding the types of home loans available in Australia.


  • Principal and interest. These home mortgage loans are the most popular in Australia. Repayments are made up of both the amount of the principal and interest that banks and other lenders charge, so they can provide you with the home loan.
  • Interest only. These home mortgage loans are popular with investors, and require only the interest to be paid back, usually over an agreed period. The property can often be sold after this time, with the proceeds used to repay the principal amount.
  • Owner Occupier. Another one of Australia’s most popular home loans, an owner occupier mortgage is for those who intend to live in the property they are looking to buy.
  • Investor. This kind of home loan is for those looking to buy property as an investment, rather than to live in. Investing in property can have tax benefits, and it is important to realise investment home loans can attract higher interest rates than their owner occupier equivalents.

How much deposit do I need for a home loan?

In today’s home loan market in Australia, most banks and lenders require a deposit of about 20%. The hard part is that while you try and save for a deposit, there’s a high likelihood that property prices will continue to rise, especially in the capital cities. Looking for suitable home loan options with Mortgage House’s home loan selector resources is a great start, but if you can’t buy when you want to, it can be frustrating. Luckily, Mortgage House may have a solution for you. That solution is Lenders Mortgage Insurance, or LMI. LMI can help you get into the property market sooner rather than later, by allowing you to borrow up to 95% of the value of your new home.

Lenders Mortgage Insurance is there to protect the lender in case you default on your loan, but it acts as an opportunity for you to reach your property goals and obtain a home mortgage. Speak with our lending specialists if you think this may be an option for you, to help you with your home loan chances, whether you are buying your first home or not. You can choose to pay mortgage insurance up front, or you can add it to your home mortgage and pay it off over the life of the loan.

In the meantime, to work out how you can save for a deposit, with or without mortgage insurance, and how much you may be able to afford in repayments, Mortgage House’s home loan selector resources includes a calculator that can help you out. Simply enter, as accurately as you can, your expenses and incomes into our Budget Planner Calculator below, and we will bring it all together in an easy-to-understand format. You will receive a figure that can help paint a picture of your current finances and give you an understanding of what your home loan options may be in the future.

Mortgage Repayment Calculator

The interest rate for the loan.
% p.a.
What is the length of time to repay the loan?
How much do you want to borrow?
What is the type of the loan?

& Interest

Interest Only

Your Repayments

  • Weekly
  • Fortnightly
  • Monthly

$1,798.65 per month

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House’s prevailing credit criteria apply. Please note that your actual fortnightly repayment would be equal to the monthly repayment amount divided by two. Weekly repayments would equal the monthly repayment amount divided by four. If you choose to pay fortnightly or weekly, your actual repayments will be higher than repayments shown on this page. You can reduce the term of your loan if you choose to make repayments fortnightly or weekly. We recommend you seek independent legal and financial advice before proceeding with any loan.

How much can I borrow?

One of the great things about choosing Mortgage House to look for home mortgages is you can get an indication of how much you may be able to borrow, even before you apply. Your borrowing power is easy to discover, and it is free to find out. Having an indication of your borrowing power from the very start can help you narrow down, or even expand, your property search. You can go looking for a new home armed with a clearer picture of what a bank or other financial institution may lend you, which is important information whether you are buying your first home or your fifth. And with so many home mortgage loans available, you can use this information to be selective about the type of home loan you apply for, whether it be variable or fixed rate, construction, split, or any of the other mortgage loans Australian banks and lenders have to offer.

To start, search through our home loan options in Victoria, Sydney, and NSW to find one that may suit your current situation, and then fill in our Borrowing Calculator below with all the details. Estimate your income and expenses as accurately as you can, and then we will give you an estimate of your borrowing power. It is important to realise that borrowing power is not pre-approval, but it is an indication of what you may be able to borrow. Even if the result you get isn’t the one you are after, speak to our lending specialists and we’ll see what else we can do to help you find a suitable loan and reach your property goals.

Mortgage Borrowing Calculator

Loan Details

The interest rate for the loan.
% p.a.
What is the length of time to repay the loan?
Will the loan be for yourself or joint with another applicant?



Any person who depends on you for financial support e.g. your children?

Annual Net Income

Your net income per year i.e. after tax
Your partner's net income per year i.e. after tax
Any other income you may receive each year e.g. rent from a property, interest on savings or dividends from shares

Monthly Expenses

Personal monthly expenses e.g. rent, bills, shopping, fuel etc.
Any repayments you have to make each month to cover your credit cards or other loans
Any other monthly expenses

Your Monthly Repayment

per month

You Can Borrow Up To

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable.

WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.

How to qualify for a home loan

There is no guaranteed way to qualify for home loans in Australia, but there are a few things you can do to give yourself a better chance of being approved for a home mortgage.


  • Complete the application. Everyone thinks how great things will be if they are approved for a home loan, but don’t think too much about what happens if they are not successful. If you are rejected for a home loan, that is attached to your credit file, which can have long-term financial consequences. Therefore, it’s important to ensure you have all the information you can to give you the best possible chance at a home mortgage.
  • Take a close look at your income. Try to put yourself in the shoes of a bank or lender when thinking about your income. Use our Borrowing Power Calculator to give you an early indication of whether your income is high enough. If you don’t think your income is high enough, it might be better not to apply. Also, consider Lenders Mortgage Insurance if you are worried about the size of your deposit.
  • Get the details right. When you apply for a loan of any kind, including mortgage loans in Australia, make sure you have every detail right. Check and re-check everything before submitting.
  • Keep your credit history under control. Obtaining, and maintaining, a good credit score can make it easier to be successful in your home loan application. You can do this by regularly paying, in full and on time, any credit accounts you have, including mobile phone plans, internet accounts and gas, electricity and water bills.

How to refinance a home loan

Your current home loan may have suited your needs when you bought your home, but what if your needs have changed? Maybe there are home loan options available today that weren’t available when your applied for your current home mortgage. Perhaps you have a number of smaller loans, personal loans, as well as home mortgage loans, and you would like to consolidate them under one home mortgage. All of this is easy to start investigating. Simply contact our lending specialists about the borrowing power available to you by refinancing your home and loan options. You may even be able to save money, by paying less in interest, or cutting your repayments.


  • It can be easier than you think. Even if your first home loan experience was difficult, that doesn’t mean refinancing will be. In fact, this time around you may be better equipped. You already know about stamp duty, mortgage insurance, comparison rates and what you need to apply for a home loan.
  • Your current home can be a big help. If you’ve been making repayments regularly over the years, you have probably built up equity in your home, and when it comes to refinancing a home mortgage, equity is gold. Equity is the market value of your home, minus the balance of your home loan. The more equity you have the likely lenders are going to shine positively on you.
  • You already have all the documents. The documents you need for refinancing are similar to those you needed to apply for a home loan in the first place, they will just need to be updated. Our Documents Checklist is a great place to start.

Our Refinancer Loans

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