Borrowing Power Calculator Terms and Conditions

Borrowing power calculator information

The maximum loan amount is an estimate only, based on the income and expenses entered. It doesn't take into account loan eligibility criteria or your complete financial position.

Repayments shown are indicative only.

We have made a number of assumptions when calculating your borrowing power and your indicative repayment amount. Those assumptions affect how reliable these estimates are. Our main assumptions are set out below.

What you have told us is correct:

We have assumed that the information you have entered about your financial position is accurate and can be verified by us.

Time of calculation:

We’ve calculated everything based on the information and figures available as at the date the calculation is made.

Your income:

  • We use a monthly income amount in our calculations. Any amounts which are not entered as a monthly figure are converted into a monthly amount on the assumption that there are exactly 12 months, 52 weeks, or 26 fortnights, in a year.
  • At our discretion, we may not take all of your income into account when calculating your borrowing power. This may occur, for example, with income like overtime which may not be consistently earned.

Your expenses:

  • We may include a buffer amount for any repayments you make on any existing loan/s you have. This allows us to factor in, to some degree, the effect of those repayments going up if interest rates increase.
  • If we think your living expenses look a lot less than we’d expect, we may take a higher amount into account when working out your borrowing power.

Interest rates:

  • We’ve assumed that the rate applicable on the day the calculation is made is the rate which will apply to the loan throughout the loan term (even where the rate is a variable rate). We do this as we can't predict what rates will do in the future.
  • We may also include interest rate buffers 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.

Interest and Repayment cycles:

  • We’ve assumed that repayments are payable, and interest is charged, monthly and on the same day. If you have asked us to show you a fortnightly or weekly repayment amount, to keep things simple, we will multiply the monthly repayment amount we have calculated by 12 and then divide it by 26 (for fortnightly repayments) or 52 (for weekly repayments).
  • To calculate monthly interest, this calculator calculates your annual interest charge and divides it by 12 so that interest is spread evenly across each month. Under your contract, the interest calculation takes into account the actual length of each month so is slightly different.

Fees:

We haven’t included any fees or charges that may apply (Note: for NAB Personal Loans a service fee is added to the amount you pay each month). Get more information about our fees.

Other:

We have rounded amounts – with most results being rounded to the nearest dollar.

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