The effective date of any interest rates is 17 November 2023 unless shown otherwise within interest rate terms and conditions.
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Next steps in your home loan journey
Next steps in your home loan journey
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Frequently asked questions
What is borrowing capacity
Your borrowing capacity or borrowing power is an estimate of the amount you could borrow based on your current financial situation. Understanding your borrowing capacity is often the first step in the home buying journey. It gives you an idea of the amount you might be able to borrow when you’re looking to buy a home.
How is borrowing capacity calculated?
Your borrowing capacity is generally calculated as your net income (income after tax) minus your expenses. These expenses may include normal household costs like food and transport, any current loan repayments, and other financial commitments, such as school fees. The more accurately you can enter these details into the calculator, the more realistic your estimated borrowing capacity calculation could be.
The calculations are estimates, based only upon the information you provide. The borrowing capacity estimate does not constitute an application or approval. No loan fees or charges have been factored into the calculations.
How can you increase your borrowing capacity?
You could increase your borrowing capacity by increasing your income, lowering your expenses, or improving your credit history .
Other factors influencing your borrowing capacity include the loan type, interest rate, and loan term. For more information, read our article “How much can I borrow for a home loan”.
What’s the maximum amount I can borrow?
When a lender reviews your home loan application, there’s no one-size-fits-all formula for determining how much you can borrow. How much you earn is only one factor. Your expenses, credit history, any other assets or debts, and the size of your deposit are all important factors considered for a home loan approval.
Does it matter if I’m borrowing by myself or with a partner?
Yes. Your relationship status will impact your borrowing power. If you share income, expenses, debts, and assets with a partner and you’re applying for a home loan, your borrowing capacity will be calculated according to your shared finances.
The calculations provided are estimates only and based upon the information entered into the calculator by the user. The borrowing capacity estimate does not constitute an application or approval. No fees or charges have been factored into the above calculation. Please refer to Lending Fees and Charges for all applicable fees.
*Discounted rate is only available for new Personal/Owner Occupied loans taken out as part of the Better Together Special Offer >= $150,000 and borrowings <= 60% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments and who hold a Suncorp Bank transaction account. The discounted rate (currently 6.13% p.a.) is calculated by subtracting a discount of 2.52% from the Standard Back to Basics Variable Rate (currently 8.65% p.a.). Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed or where the borrower fails to hold a Suncorp Bank transaction account. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 17 November 2023.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.
This information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries and consider obtaining advice from a professional before making any financial decisions.
Please contact us on 1300 211 638 or visit your local branch and ask to speak to a lender to discuss a more accurate your borrowing capacity.
You can also start the process today by applying for a home loan pre-approval.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.
What is a comparison rate?
A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product. For more information about the comparison rate and the comparison rate warning, please refer to the things you should know section of this page.