Borrowing Capacity Calculators

Discussion in 'Loans & Mortgage Brokers' started by Bradeng2, 11th Feb, 2022.

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  1. Bradeng2

    Bradeng2 Member

    Joined:
    11th Feb, 2022
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    Location:
    Perth
    Hi all,

    I have been playing with online borrowing power calculators for a while, just wondering how accurate these online ones are compared to what a broker would use?

    For example ANZ online calculator will give me 570k capacity but a broker entering the same incomes and expenses on their calculator is giving 640k

    Is this normal? Im assuming the online calculators are pretty basic and conservative?
     
    Bradeng2, 11th Feb, 2022
    #1
  2. MJS1034

    MJS1034 Well-Known Member

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    Sunshine Coast
    Not accurate at all. I wouldn’t waste your time. Go see a Broker
     
    MJS1034, 11th Feb, 2022
    #2
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  3. Lindsay_W

    Lindsay_W Well-Known Member

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    Yep useless really
    Why ANZ ?
     
    Lindsay_W, 11th Feb, 2022
    #3
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  4. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
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    Location:
    Bella Vista
    Not that accurate..but it's a guide.

    Brokers have tools and systems where they could spit your borrowing capacity with up to 30 lenders in one hit.
     
    Tony Xia, 11th Feb, 2022
    #4
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  5. Bradeng2

    Bradeng2 Member

    Joined:
    11th Feb, 2022
    Posts:
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    Location:
    Perth
    We’re using a family guarantor to get us to 80% lvr so our broker has strongly recommended them for that reason.

    I’m not very impressed with the 3-4 week application pick up time they’ve given though!
     
    Bradeng2, 11th Feb, 2022
    #5
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