How we calculate your personal loan amount
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 multiple assumptions to calculate 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.
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.
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.
Calculations are based on our headline interest rate and are estimates only. The majority of our personal loan customers will get the headline rate or a lower rate. The interest rate you get may be different from the headline rate and will be based on a number of factors, including the information you provide and our credit assessment.
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 works out 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 it is slightly different.
We haven’t included any fees or charges that may apply. Get more information about our fees.
We have rounded amounts – with most results being rounded to the nearest dollar.
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