Your borrowing power estimate
The loan amount has been calculated based on the information supplied by you, and information sourced by third parties. This amount may not be the final amount you need to (re) finance your property and is used solely for the purpose of providing you with an indication of the loan amount you may require, the upfront costs you may incur, and the repayments that may be payable if you took out a loan for that amount.
The loan amount is an estimate only, based on your contribution, income and expenses entered. It doesn't take into account loan eligibility criteria or your complete financial position. This estimate takes into account stamp duty and registration costs calculated using the relevant government authority websites. It does not include additional concessions you may be eligible for (such as Government backed schemes) or any surcharges or additional duties that may apply given your individual circumstances. We can’t guarantee that these rates are correct, up to date or are the ones which would apply to you. You should confirm the government costs and duties payable with the relevant government authorities.
For the borrowing power calculation, we have used your contribution amount to generate an estimated loan size and used the supplied income and expense to estimate your ability to make repayments. If you apply for finance with NAB, there may be instances where we don’t include all of your income in an application (for example, where the amount of income is not considered consistent (e.g. overtime, commission). This may impact the actual amount you can borrow.
We have also made a number of assumptions when calculating your borrowing power. Those assumptions affect the outcome of the borrowing power amount. Our main assumptions are set out below.
- Expenses: If the expenses you entered are less than those we think you should have using the "Basic Australian Household Expenses", we will apply the Basic Australian Household Expenses figure. Note: Basic Australian Household Expenses are sourced from the Melbourne Institute, opens in new window.
- Interest rate buffers: We include an interest rate buffer in our calculations. This allows us to factor in, to a degree, the effect of interest rate increases when working out how much you may be able to afford. If you go ahead with a NAB home loan, we may apply a higher interest rate buffer, depending on your choice of home loan product.
- Repayments, Product and Interest rate: Repayments are indicative only. When calculating repayments, we have had to make a number of assumptions which may affect the accuracy of the amounts shown. They include:
- We have assumed that the loan that you take will be the NAB Base Variable Rate Home Loan and you’ll be making principal and interest repayments over a 30-year loan term
- That the interest rate displayed will not change and will apply for the full loan term. We do this as we can't predict what rates will do in the future.
- That your annual interest charge is divided equally over 12 monthly payments (in reality, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
Lenders Mortgage Insurance (LMI)
If you choose to include LMI in your estimate, the LMI cost included is indicative only and should be verified with your lender ahead of making any property purchase. When purchasing a property using LMI, you will be provided with the option to pay the insurance as an upfront cost or include the amount as part of your loan balance. This calculator assumes that you will include the amount as part of your loan balance. Please note that LMI eligibility criteria applies and should be verified prior to property purchase.
QBE Lenders’ Mortgage Insurance Limited “QBE LMI” ABN 70 000 511 071 is the insurer who has provided the estimated LMI costs contained in your estimate.
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