Where Can I Buy Calculator
The Where Can I Afford to Buy Calculator is a two-stage calculator designed to help borrowers determine how much house they can afford and within what regions they can afford to purchase a house. First, the calculator determines how much the borrower can afford based on his or her current income and expenses details. Then, the calculator enables the borrower to enter their deposit and determine what postcodes in Australia have properties in their price range.
To use the Where Can I Afford to Buy Calculator, first enter your personal income and expense details. Select whether the income stated is from a single or joint income, and your number of dependents. Enter the amount of your net salary, and mark whether you are paid monthly or fortnightly. Add in any additional income you receive from other sources. You can also select a maximum percent of your income available or choose to use the default amount.
Next, enter your annual expenses (or use the default provided). Enter the amount of your monthly car and credit card repayments, as well as information about any additional payment obligations. Finally, enter the loan details. What interest rate and loan term have you been offered?
Based on the information provided, the calculator will reveal the amount of money you can afford to borrow, and the monthly payment cost for a loan at that amount, interest rate and term.
Next, click "Where can I afford?" Select whether or not you are eligible for a first homeowner's grant. Then enter your available deposit, property, price, state, region and property type and click "where can I afford again"? The calculator will then review information about the median value and price growth of selected regions. You can then begin looking for properties in your price range in the selected region.
Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.