Borrowing capacity calculators - I'm funded, or I'm broke

I know that they are only 'general in nature', but when I plug the same values into the loan calculators offered on the websites of a number of financial institutions, I end up being allowed to borrow anything from $0, up to $850,000, and everything in between. It's horrible

I was hoping to get a rough idea of how much I may be able to borrow, before wasting a broker's time, but I'm thinking that there really is no other way to find out.

Can anyone recommend a rather detailed calculator that is likely to give me a (close to) accurate estimate of my borrowing power, before determining whether or not I can hunt for a new PPoR, and avoid wasting a broker's valuable time?

TIA,
KayTea

 

@KayTea - the brokers on this site have nothing to do since the Sydney & Melbourne markets have started to head south

 

Online calculators won't help much I'm afraid. Get in touch with a broker. Your not wasting their time. Most good ones will have a detailed form for you to fill out. If you can go to the trouble of completing the form and perhaps shuffling over your payslips, they would be happy to give you a realistic borrowing capacity with a couple of different lenders.

 

Thanks @tobe. I'm more than happy to fill in the forms - I'd just hate to be the broker that spends an hour putting my profile together, then emails me back just to tell me that I can borrow $2.37

 

But on the other hand, if you can borrow $1.5M the broker will be rather happy they spent the hour

 

Half of my day is spent running borrowing capacity calculations for clients based on various scenarios (e.g. if I purchase a property w/ "x" yield or get a job paying "y", etc).

Its not wasting a broker's time - its part and parcel of what we do.

 

Thats very considerate of you, but its very much what brokers do and specialise in.

Often there's little quirks in the way to insert numbers into calculators that a broker may know of that a general consumer may not (e.g. for some there are manual calculations of your other debt repayments that aren't based on your actual repayment).

Also, most savvy brokers know where to go once the first calculator shows up $2.37 - they may not all do that. For example, if you earn a significant portion of income via bonuses/commissions/etc, then traditional 'conservative' calculators may be the best fit as they use a higher percentage of this income than other 'relatively aggressive' lenders.

Have a chat to a broker - just let them know you want to see where you stand and they'd be more than likely to want to help.

Cheers,
Redom

 

Brisbane is still keeping me very busy

 

Thanks Rolf - I knew that they would be very general, but to get more than an $800K difference in borrowings (when the same details are entered) was a little surprising. I figured that maybe a $100K difference would be seen, but $800K?!