How do I use the ExecuBond home loan affordability calculator?

Based on your income, expenses, and current interest rates, the home loan affordability calculator helps you determine how much you can afford to spend on a house. Before applying, you may quickly determine what amount bond you're likely to be eligible for and set a reasonable property budget.

Calculate and compare in five easy steps

1. 1.Enter the Gross Monthly Income: This is your entire income before deductions and taxes. Include both incomes for a joint application if you are purchasing with a partner.
2. 2.Enter the Net Monthly Income: This is the amount, minus all company deductions, that appears in your bank account on pay day.
   
3. 3.Enter the Total Monthly Expenses: add up your recurring monthly expenses such as rent, car repayments, credit cards, insurance, school fees and groceries. The calculator uses this to work out how much of your income is already allocated to living expenses.
4. 4.Enter the Repayment Term (years): the calculator uses 20 years (240 months) as a common default but you can change it to see the impact on your monthly and total repayments.
5. 5.Enter the Interest Rate (as a percent). For a rough check, use the bank’s advertised rate or the rate your bond originator quotes. We’ve pre-loaded the calculator with the current prime interest rate to help you with this step.

Pro tip: You are able to quickly determine how changes in your income, expenses, or deposit amount impact your affordability. This makes it simple to establish a reasonable budget for purchasing a home and apply for a bond with assurance.