What home can you afford?
Category BUYER'S TIPS
Working out how much you can afford when buying a property is simple.
An affordability calculator works out the home loan amount you can apply for.
Your salary after tax, total monthly expenses, interest rate and loan term (years over which you will pay off your bond) are used to estimate the total loan amount you can afford with the monthly repayment amount.
Using the affordability calculator
As a general rule, you should look at spending no more than a third of your monthly income (after tax and deductions) towards your monthly bond repayments. Make use of a bond affordability calculator to understand what you can afford when buying a property.
Calculate what you can afford using the Property24 Affordability Calculator.
Using the bond calculator
A bond calculator is used to calculate the monthly home loan instalments and the interest added over the loan period. This will determine your affordability level by calculating your income against main bond variables and other monthly expenses.
Calculate your monthly mortgage repayments using the Property24 Bond Calculator.
Author: PROPERTY 24