How much can I borrow?

Use our borrowing calculator to work out how much you could borrow for a home loan to buy a house and what your home loan repayments might be.

$2,000 cashback when you refinance to us

If you’re eligible and you apply to move your home loan to us by 28 February 2023, you could get less home load with $2,000 cashback. 1

Loan must be funded by 30 April 2023. Min. refinance amount $250k. For borrowings up to 90% (including lenders mortgage insurance) of the property value. Excludes refinances from Bankwest and CommBank. Eligibility requirements and T&Cs apply.

Image for illustrative purposes only.​

What affects your borrowing power?

Answers at your fingertips

1

What's borrowing power?

Borrowing power refers to the amount that a lender, like a bank, is likely to lend you when you take out a loan. When you're looking to buy a house, knowing your borrowing power is often the first step.

2

Other than income and expenses, what affects my borrowing power?

A lender considers many factors when assessing your borrowing power. Such as;​

  • Your deposit (how much you can contribute to the loan)
  • Your income and income type (like if you're a small business owner or a contractor)
  • Your expenses and spending (like your bills and discretionary spending)
  • Assets and liabilities (like your car or other properties and other debt, like credit cards)
  • Credit history (including your current debt and ability to pay it off)
3

How can I increase my borrowing power?

Outside of increasing your income, you could look for ways to lower your expenses and spending as well as saving a larger deposit. Other things, like improving your credit history and lowering your credit card limit might help too.

4

Does my ability to borrow differ if it's a property to live in, or if it's an investment property?​

The purpose of the loan will impact your ability to borrow because a lender will also need to consider potential income or expenses associated with an investment property. Your personal income and expenses will still factor in to your borrowing power because a lender will want to ensure that you don't go in to financial hardship if things go badly, like your investment property goes unleased for a long period of time. 

5

Does the amount I could borrow differ if I'm single or part of a couple?​

Ultimately, your relationship status does impact your borrowing power, particularly if you have dependants or live together and share things like expenses, other debt or assets together.

6

If I already own an investment property, will that improve my borrowing power?

Your investment property will definitely be considered when a lender assesses your borrowing power. However, whether this improves or adheres your borrowing power will depend on many things, like whether the property is positively or negatively geared, the property value and your current loan. The best way to find out, is to chat to a Home Lending Specialist who can give you a better idea based on your circumstances.

7

Besides my deposit, what costs do I need to budget for when buying a house?

When it comes to buying a house, you'll need to save a deposit and enough for other costs like stamp duty, inspection fees, house insurance, moving costs, bank fees and legal/settlement agent fees. You can read more about home buying costs in our guide to upfront home buying costs.

8

I know how much I could borrow, now what?

If you haven't already, make sure you chat to a Home Lending Specialist about next steps and getting Approval in Principle. Approval in Principle will give you confidence, and appear more attractive to sellers as you make offers on houses.

Still exploring your options?

Your home ownership journey

Whatever stage you're at, get more guidance on your home ownership journey.

Explore our home loans

Whether you’re buying your first home, next home or an investment property, we’ve got a range of home loans to help you get there.

Read more about this topic

Handy guides to help you understand the numbers and make your home ownership journey simpler.

More home loan calculators

Use these mortgage calculators to guide you in your home ownership journey. Or, view all home loan calculators.

Calculate home loan offset savings

Find out how much you could save on your home loan interest by using an offset account.

Calculate home loan fees and stamp duty

Get an estimate on stamp duty, LMI and other non-standard home buying fees that come with purchasing a property.

Calculate how much you could save

Compare repayments to find out whether refinancing your loan could save you money on interest.

Calculate home loan repayments

Calculate your mortgage repayments and discover how much you could save if you make extra repayments.

Home insurance

Home insurance is essential when getting a home loan. We can arrange building and contents insurance through our partner CommInsure.

Take the next step

Talk to a Home Lending Specialist about your borrowing power. You can talk on the phone, meet at a branch, or have a Mobile Lending Manager come to you.

  1. Home loan cashback promotion is available to Australian residents aged 18+ who refinance a property with a new Bankwest home loan.

    • Home loan application must be submitted for full approval within the promotional period 12 November 2020 and 28 February 2023
    • Home loan must be funded on or before 30 April 2023​
    • Lending must be new to Bankwest (refinances of existing Bankwest and CommBank loans are excluded from this offer)​
    • Lending must not exceed a loan to value ratio (LVR) of 80% for applications received from 12 November 2020 to 14 September 2021​​
    • Lending must not exceed a LVR of 90% (including lenders mortgage insurance) for applications received from 15 September 2021 to 28 February 2023
    • Repayment type can be principal and interest or interest only
    • Available on owner occupier and investor home loans
    • Minimum home-loan-specific refinance amount ≥$250k (excludes debt consolidation of personal loans and credit cards)
    • Any available Bankwest home loan product is eligible
    • Normal lending policies apply
    • This offer is not available in conjunction with any other promotions
    • Only one cashback per Eligible Customer. Only one cashback per eligible home loan. Where a home loan has more than one applicant and one applicant receives the cashback, all applicants are deemed to have received the cashback. Maximum cashback amount of $2,000
    • Eligible customers will receive $2,000 cashback transferred electronically into their new home loan account.

    See full T&Cs (PDF)

The information contained in the FAQs is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in the FAQs without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.