Loan Eligibility Calculator for Australia
Check how much home or personal loan you qualify for based on your income.
Region: Australia (AUD)
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Quick Tip
Use the comparison rate from your quote to get closer to the true cost of the loan.
About This Tool
Why use Loan Eligibility Calculator?
Australian lenders must display a comparison rate with advertised personal and car loan rates. For these loans it is calculated on a standard $30,000 loan over five years, so it captures fees that the headline rate leaves out.
Under responsible lending obligations, lenders check that a loan is not unsuitable for you, looking at income, living expenses and existing debts. Secured car loans usually have lower rates than unsecured personal loans because the car is security for the loan.
Key Benefits
Monthly repayment
See fixed monthly repayments on a personal or car loan in Australian dollars.
Extra repayment savings
Model extra repayments; variable loans usually allow them, while fixed loans may charge break costs.
Serviceability check
Compare repayments with income after living expenses before you apply.
How to use Loan Eligibility Calculator
- 1
Use the comparison rate from your quote to get closer to the true cost of the loan.
- 2
Enter your gross monthly income.
- 3
Add the total of your existing monthly loan and card payments.
- 4
Enter the expected interest rate and loan term.
- 5
Review the maximum loan amount and payment, then test a lower payment for a safer budget.
Best use cases
Estimate the largest home loan a bank is likely to approve before you visit one.
See how much more you could borrow after closing an existing car or personal loan.
Compare eligibility over a 15-year and a 25-year tenure.
Check whether a property price is realistic for your income before you start viewing.
Loan Eligibility Calculator FAQs
What is the difference between a secured and unsecured loan?
A secured loan uses an asset, such as the car you are buying, as security, which usually means a lower rate. An unsecured personal loan has no security and typically a higher rate.
Can I make extra repayments on an Australian personal loan?
Variable-rate loans usually allow extra repayments without penalty. Fixed-rate loans may limit extra repayments or charge early repayment or break fees, so check your contract.
How much can I borrow?
Lenders assess your income, living expenses, existing debts and credit history. A buffer between your repayments and your available income improves your chances of approval.
Which currency does this loan eligibility use?
Amounts are shown in Australian Dollars (AUD). The formulas are the same everywhere, so you can switch to another country version if you need a different currency.
Related Finance Tools
More free finance tools that work well alongside the Loan Eligibility Calculator.