We’ve Helped Over 150+ First Home Buyers
We’ve Helped Over 150+ First Home Buyers
Map out your income and expenses to understand what you can comfortably afford in repayments each month.
Map out your income and expenses to understand what you can comfortably afford in repayments each month. A clear picture of your budget is one of the most important steps before applying for a home loan.
* Update version: January 2025
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.
The information contained in this website is of a general nature and does not take in to account your personal needs and requirements. The figures shown in the calculators do not constitute an offer for finance. Lender policy and conditions, fees and charges will apply.
The information provided by the calculator is intended to provide illustrative examples based on the stated assumptions of your input. Results are a guide only and do not constitute financial advice or a guarantee of an outcome. You should always discuss your individual circumstances with a representative of Houses For Heroes.
Lenders assess your living expenses as part of the loan application process. Having a clear, realistic budget helps demonstrate your ability to service a loan and gives you confidence in what repayment level is sustainable for your lifestyle.
Lenders typically assess your declared living expenses across categories such as groceries, utilities, transport, insurance, childcare, and discretionary spending. Some lenders apply benchmark figures if your declared expenses appear low, so accurate budgeting is important.
A good starting point is to subtract your total monthly expenses from your net monthly income. The remaining surplus gives you an idea of what repayment level is comfortable. It is generally recommended to leave a buffer rather than stretching to the maximum repayment you could technically afford.
Yes. Car loans, personal loans, credit cards, and buy now pay later accounts all reduce your borrowing capacity. Lenders assess your existing commitments as part of serviceability calculations. Reducing or consolidating debts before applying can improve your position.
It is worth reviewing your discretionary spending in the months before applying. Lenders often look at bank statements as part of the assessment process, and a consistent pattern of sensible spending supports a stronger application.
A budget gives you a guide. Dan can tell you how lenders will actually assess your expenses and what repayment level genuinely fits your situation.
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