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How Much Can You Really Borrow? for a Home in Melbourne's West

Figuring out how much you can borrow is the critically important step in your property journey in this thriving western suburb. It defines your search parameters and manages your expectations. This figure is more complex than you might think, it's a meticulous evaluation conducted by lenders based on a wide range of criteria. This comprehensive breakdown will demystify the primary components that banks assess to calculate your maximum loan for a property in Tarneit, VIC.

Your Income: The Primary Driver

Your pre-tax salary is the foundation of the borrowing power calculation. Lenders will closely examine your sources of earnings to gauge stability. This includes:

• 
  
• Full-Time Salaried Workers: Your annual salary is the primary figure used, often with the addition of guaranteed bonuses if you can provide a history of this income.
  
• Freelancers: Lenders will typically take an average of your income from your tax returns. They can be more conservative with variable income, often using a discount factor to factor in instability.
  
• Additional Revenue Streams: Rental income can also be included, though they may be subject to shading (e.g., only 80% of rental income is counted).
  

Your Outgoings: The Critical Deduction

Where your income shows what you earn, your expenses show what you spend. Lenders subtract your monthly outgoings from your earnings to see what's left over. They use either:

• 
  
• A Standardised Benchmark: This is a standardised benchmark based on your number of dependents and earnings. It's a basic measure that forms a baseline.
  
• Your Stated Costs: Based on your credit card bills from the last 3-6 months. If your stated spending are above the benchmark, the lender will use the your declared amount, which reduces the amount you can borrow.
  

Current debts are also heavily factored in. This includes car finance payments. Even if you pay your card off monthly, the maximum available credit on all cards is treated as if it's maxed out for calculation purposes, as you could access that debt at any time.

Testing Your Loan at a Higher Rate

Lenders don't just check your affordability at the current interest rates. To ensure you can handle future rate rises, they apply a stringent assessment rate of around 3% above the actual product rate. This means if you are applying for a loan with a 6.5% p.a. rate, the bank will assess your ability to repay at a rate of 9.5% p.a.. This prudent measure significantly impacts your final borrowing power but is a non-negotiable part of responsible lending.

Your Deposit Size Matters

While not a primary component in the borrowing power formula, your savings amount plays a huge role in determining your final loan amount. A larger deposit means a lower Loan-to-Value Ratio (LVR). Most lenders prefer an LVR of 80% or less.

If your LVR is above 80%, you will typically need to pay LMI. This is a one-off premium that safeguards the bank (not you) if you can't repay your mortgage. This premium can be costly and is often added to your total mortgage amount, which slightly increases your loan size and therefore your required repayments. Programs like the FHLDS can help you avoid LMI even with a deposit of just 5%.

A Practical Scenario

Let's consider a hypothetical scenario for a two first-home buyers looking to buy in the Tarneit area.

• 
  
• Combined Gross Annual Income: $150k p.a.
  
• Current Debts: Car finance at $400/month and credit card limits with a combined limit of $10,000.
  
• Declared Spending: Using the benchmark at $3,000 per month for a couple with no kids.
  
• Assessment Rate: Tested at 9.5% p.a..
  

After factoring in all these components, this couple might have a total loan amount of around $700k. With a deposit of $100,000 (including potential grants), they could target homes in Tarneit valued at up to $800,000.

How to Get an Accurate Estimate

Digital mortgage calculators are a great starting point, but they are not always precise. For a precise figure tailored to you, your most effective step is to consult an experienced mortgage broker.
A good broker tarneit will:

• 
  
• Collect your financial information.
  
• Use accurate and up-to-date calculators that matches bank policies.
  
• Spot problems in your spending habits that you can address before applying.
  
• Give you a realistic budget for your property search in Tarneit.
  

Understanding your true borrowing power is the key to a focused and efficient home buying experience.