Reasonably Accurate Calculator

Discussion in 'Loans & Mortgage Brokers' started by JohnPropChat, 24th Apr, 2018.

Join Australia's most dynamic and respected property investment community
Tags:
  1. JohnPropChat

    JohnPropChat Well-Known Member

    Joined:
    10th Sep, 2015
    Posts:
    2,293
    Location:
    Middle Earth
    I know each bank's policy is different but the calculators on Banks' websites are way off.

    Is there a reasonably accurate calculator somewhere? I know I can always ask my Broker for an accurate number but most times I am happy with an approximate when I am not actively shopping.
     
    JohnPropChat, 24th Apr, 2018
    #1
  2. Ross Forrester

    Ross Forrester Well-Known Member

    Joined:
    30th Oct, 2016
    Posts:
    2,085
    Location:
    Perth, Western Australia
    My broker does a yearly review so I know what is going on and what is can do if I want.

    It helps with my planning.
     
    Ross Forrester, 24th Apr, 2018
    #2
  3. hobartchic

    hobartchic Well-Known Member

    Joined:
    11th Sep, 2017
    Posts:
    1,513
    Location:
    Hobart
    hobartchic, 24th Apr, 2018
    #3
    JohnPropChat likes this.
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,653
    Location:
    Gold Coast (Australia Wide)
    If you have simple metrics and circumstances, CBA online borrow cap is good.

    If you have IPs, are Self employed or have variable PAYG income, there aint no help aside from a banker or broker to translate your data to their systems


    ta

    rolf
     
    Rolf Latham, 24th Apr, 2018
    #4
    JohnPropChat likes this.
  5. JohnPropChat

    JohnPropChat Well-Known Member

    Joined:
    10th Sep, 2015
    Posts:
    2,293
    Location:
    Middle Earth
    I figured as much. Just for my own curiosity, is this a good measure of how expenses and income are calculated?

    1. OFI debt at 7.25% P+I
    2. Credit cards at 3% of limit
    3. Personal loans at actual repayments
    4. Living Expenses using HEM tables - where can I find the latest version?
    5. Rental income at 80% (capped at 8%? rental yield)
    6. Regular salary at 100%
    7. Overtime, commissions etc at 80%
    8. HECS debt at actual payments?
    9. Future debt at 7.25% P+I
     
    JohnPropChat, 26th Apr, 2018
    #5
  6. Greyghost

    Greyghost Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    1,635
    Location:
    Brisbane
    Except #4 simply using HEM won't be enough anymore. Most lenders are asking for living expense declaration and some banks wanting 100 days of bank statements to verify.
     
    Greyghost, 26th Apr, 2018
    #6