How much can I borrow?
Check what you could afford to repay on a home loan with our Affordability Calculator or estimate how much you could borrow with our Maximum Loan Calculator.
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What does borrowing power mean?
Borrowing power means how much money a bank might lend you based on how much you earn, what you spend, and how much debt you already have. We check things like your salary, bills, credit cards, loans, and how many people depend on you.
- Affordability calculator: this helps you figure out how much you can afford to borrow. Subtract your expenses from your income to find out what you could repay.
- Maximum loan calculator: this shows the largest amount a bank might lend based on your income and expenses. Think of it as your “borrowing power”.
How does debt affect my borrowing power?
Your debt and credit score (or rating) can change how much we’ll let you borrow. If you have credit cards or loans, those limits count as debt, even if you don’t owe anything on them right now. Your credit score’s like a report, and if you’ve missed payments, it might lower your score. You can check your credit score online to see how you’re doing.
How can I increase my borrowing power?
Think about:
- Lowering your credit cards spending limit or cancelling cards you don’t need
- Paying off money you owe, like a personal loan
- Keeping a good credit score and paying bills on time
- Split your liabilities with a partner if you’re borrowing on your own
- Saving money to show a good savings history.
You may also be able to increase how much you can borrow by asking a family member to guarantee all, or part, of your loan. At Westpac, this is called a Family Security Guarantee and it could help you get into the market sooner.
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Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation.
This calculation is not an offer of credit but an estimate only of what you may be able to borrow based on the information provided and does not include all applicable fees (except for monthly fees). Your borrowing power amount may be different when you complete a full application and we capture all details relevant to our lending criteria. Our lending criteria and basis upon which we assess what you can afford may change at any time without notice. Before acting on this calculation you should seek professional advice.
All interest rates referred to in the calculators are current, as indicated on westpac.com.au. The interest rates represented on this page may include promotional discounts and are subject to change. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.
The output of each calculator is subject to the assumptions provided under each calculator and are subject to change. The calculator does not take into account any future refinancing options which may be available. The calculator does not take into account any product features, grants or any applicable bank fees. For details on fees and charges, please go to westpac.com.au
#Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This 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.
^Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank's valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won't change during the life of the loan as the LVR changes.
Weekly and fortnightly repayment calculations – if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 ($1000 ÷ 2 = $500) and weekly repayments are calculated by dividing $1000 by 4 ($1000 ÷ 4 = $250)
The output or result of these calculators:
- is subject to the assumptions which are subject to change;
- is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 1300 786 029. We recommend that you consult your financial adviser before taking out a loan;
- does not represent either a quote or pre-qualification for a loan;
- may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.
The interest rates used in the calculator:
- are current, as indicated on our home loan interest rate pages;
- are Westpac's standard interest rates and include any package or promotional discounts; and
- are subject to change.