Home Loan Eligibility Calculator

How we calculate Home Loan Finder Scores

Read full methodology

What different scores mean

9+

Excellent

These home loans offer low costs, coupled with a host of features, giving the best overall value.

7+

Great

These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.

5+

Standard

Usually the home loans would offer above average rates. They may still include some competitive features.

0+

Basic

Higher costs and/or fewer features.

Use the calculator below to input details about your income, expenses, outstanding debt and the interest rate of the mortgage you’re interested in, and you can calculate exactly how much you would be able to borrow and what your monthly or fortnightly repayments would be. The results will vary depending on the loan term you choose (usually 30 years) and although your exact loan repayment may differ depending on the lender you end up applying with, this is a great indication of how much you will need to budget for home loan repayments.

Ready to compare today's home loan rates? Look at the table below

1 - 5 of 25

Updated regularly

Name	Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Unloan Variable Home Loan Principal & Interest20% min. depositInvestment Unloan Variable Home Loan Principal & Interest20% min. depositInvestment Go to site Details Fees Pros & cons Product Name Unloan Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.29% Comp. Rate p.a. 6.20% Minimum Loan Amount $10,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros A competitive variable rate home loan Automatic interest rate discount No lender fees Cons No offset account You can’t borrow more than 80% of the property value, even with a first home buyer scheme Unloan doesn’t offer fixed rates or interest only loans	Finder score 8.9 Great	Interest Rate 6.29%	Comparison Rate 6.20%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $929	Go to site Compare
Macquarie Bank Basic Home Loan Principal & Interest20% min. depositOwner-occupier Macquarie Bank Basic Home Loan Principal & Interest20% min. depositOwner-occupier Details Fees Pros & cons Product Name Macquarie Bank Basic Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.19% Comp. Rate p.a. 6.21% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee at cost above $300 Ongoing Fees $0 p.a. Settlement Fee $350 Discharge Fee $400 Pros $0 application and ongoing fees. Interest only options available. Fee free redraws of extra repayments made. Cons No offset account available. $400 discharge fee when you close your home loan.	Finder score 8.2 Great	Interest Rate 6.19%	Comparison Rate 6.21%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $919	Continue Compare
IMB Budget Home Loan Principal & Interest20% min. depositOwner-occupier IMB Budget Home Loan Principal & Interest20% min. depositOwner-occupier Details Fees Pros & cons Product Name IMB Budget Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.04% Comp. Rate p.a. 6.07% Minimum Loan Amount $10,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Yes Extra Repayments Yes Application Fee $449 Lender's Legal Fee $0 Valuation Fee At cost Ongoing Fees $0 p.a. Settlement Fee $350 Discharge Fee $350 Pros This loan allows for unlimited extra repayments There are no monthly fees with this loan Eligible borrowers can take this loan out with up to 95% LVR Cons This loan does not come with an offset account You will not be eligible for the full $4,000 cashback if you refinance less than $1million There is an application fee of $449	Finder score 8.5 Great	Interest Rate 6.04%	Comparison Rate 6.07%	Fees Application: $449 Ongoing: $0 p.a.	Monthly Payment $905	Continue Compare	Up to $4K cashback Eligible borrowers can get up to $4,000 cashback when buying or refinancing with IMB. Loan value criteria applies. Other terms and conditions also apply.
loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name loans.com.au Solar Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 6.51% Minimum Loan Amount $50,000 Maximum Loan Amount $1,500,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros Available for both owner-occupiers and investors No application or ongoing fees Extra repayments available Cons Minimum loan term of 15 years Late payment fee of $150 Have to pay an extra 0.10% p.a. if you want to add an offset account	Finder score 9.1 Excellent	Interest Rate 5.99%	Comparison Rate 6.51%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Continue Compare
Homestar Star Classic Variable Rate Home Loan Principal & Interest30% min. depositOwner-occupierOffset account Homestar Star Classic Variable Rate Home Loan Principal & Interest30% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name Homestar Star Classic Variable Rate Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 5.99% Minimum Loan Amount $150,000 Maximum Loan Amount $2,000,000 Maximum Loan Term Maximum LVR 70% Loan Redraw Facility No Offset Account Yes Split Loan Facility Yes Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $595 Pros No ongoing fees No application fee Comes with up to 4 offset accounts Cons You can’t redraw from extra repayments If you want to deal with someone face-to-face, you can’t	Finder score 9.1 Excellent	Interest Rate 5.99%	Comparison Rate 5.99%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Continue Compare

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What is Finder Score?

The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.

Read the full Finder Score breakdown

What are the eligibility requirements for most home loans?

Here are some criteria that most lenders look at when approving mortgage applications:

• Deposit amount. The larger your home loan deposit, the less risk a lender takes on by lending to you. As such, you can improve your eligibility for a home loan by saving for a larger deposit. This could attest to your ability to save regardless of the expenses you currently have.
• Credit history. Your credit history provides information regarding how well you repay your debts. A good credit score may enable you to borrow a higher amount because it would demonstrate that you are a reliable borrower. Loan processors also check your credit history to see if you have applied for bankruptcy in the past or have had foreclosures.
• Income. Your current income will also be a determinant of what you can borrow. A higher income might suggest that you are better able to make repayments on your home loan.
• Financial stability. Lenders also consider your ability to pay the mortgage should you lose your source of income or should your income reduce. If you are self-employed or earn your primary income from investments, you may be seen as a higher risk to a lender.
• Debts. Debts reduce your current income and savings, affecting your ability to repay your mortgage. Loan processors will usually calculate how much debt you have so that they can determine whether you will still have enough income to make monthly payments.
• Age. Your age is also a factor that is used by lenders to determine your eligibility. Young people may have less debts and their income may increase in the future depending on their occupation, so they might be a better bet for banks.
• Value of your home. You can use the equity on your current home loan to refinance your mortgage.

How to use the borrowing power calculator

Using a borrowing power calculator is very simple. Here are the different fields you need to fill out on the calculator:

• Details of your income. This section requires you to enter accurate details of all sources of your income, including salaries, commissions and monthly bonuses. Your income is what ultimately determines what you can borrow as it’s where money for the monthly repayments of your mortgage will come from. If you are servicing the mortgage with a partner or spouse, you will need to enter details of your joint or household income, which can increase the amount you can borrow.
• Expense details. In order to calculate how much you can borrow on a home loan, the borrowing power calculator needs full details of your liabilities, debts and monthly expenses. If you have an outstanding car loan or personal loan, you need to include this in this field because it can affect your ability to pay the mortgage you need. Credit card debt is also entered in this section along with all your total annual expenses. It’s important to repay most of your expensive credit card debt before applying for a mortgage, as this debt could have a bearing on whether or not you get approved for a home loan.
• Loan details. Each loan you look at will have different features. The calculator works out the amount you can borrow from a certain loan by using its interest rate on mortgages and the loan term you choose. Enter the interest rate and use different variables on the loan term field to see how this affects the overall amount you are able to borrow. Most mortgage providers allow you to repay your home loan over 30 years so that you can reduce your monthly repayments.

While it’s impossible to be able to use a calculator to see if you’re eligible for a home loan, it’s important to use tools such as a borrowing power calculator to see if your income, debts and liabilities would enable you to pay off a home loan. If you also take into account the eligibility criteria offered by most banks, you could have a fairly good idea of whether or not you’ll be approved for a certain loan.

Written by

Marc Terrano

Publisher

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money. See full bio