UNO home loans
1st July 2022
Your home loan borrowing power is the maximum amount that lenders will let you borrow based on your unique financial situation. Each lender is likely to use a slightly different formula for this, so there isn’t one magic number that tells you how much you can borrow. UNO has a useful calculator, for which we will need to know some basic facts:
- Your regular after tax income;
- What debts you need to keep paying;
- The minimum credit card limit(s) you can live with;
- How many dependents you have.
The following factors are things we keep in mind when working out a loan amount that is comfortable to repay:
- How much you need to live on (and if this will change in the future);
- Other expenses that you must pay, such as child support;
- How much you want to put towards your savings or investment goals;
- The buffer you would like to have if your situation changes.
Your ideal loan amount will not be the most you can borrow from a lender but how much you can comfortably repay into the future.
Use our borrowing power calculator here.
