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The sooner you sort your money, the sooner you can get into your own home. We can help!

Money is usually what gets in the way of buying a home. But it doesn’t have to be stressful sorting your money 😅

Our friendly in-house finance team can help you save for a deposit, create a budget and pay off debt. Our Finance Health Check is the first step!

Free Finance Health Check

Tell us a bit about your situation and we will start crunching numbers 🤓

What factors affect how much I can borrow?

Your borrowing power is determined by a criteria designed to assess whether you can meet your home loan repayments. Below are the most common factors that banks and other lenders will consider when determining how much you can borrow.


How much income do I need to borrow for a mortgage?

Your income is one of the first and most important criteria. Besides assessing your ability to afford loan repayments, lenders will also consider your employment security and any apparent future risks, e.g. self-employment. Generally, the more stable your monthly income, the more likely your application will be approved.


What are considered assets for a mortgage application?

Assets include cars, properties, and shares. These are all proof to lenders that you can save money over time and make you more attractive as a borrower.

Debts & Living Expenses

What types of debt do lenders consider for a home loan?

When assessing your ability to repay your mortgage, lenders will look at your living expenses and debts you’re still paying off.

Some of the most common debt types include:

  • Personal loans
  • Credit cards
  • AfterPay and other “Buy Now Pay Later” services
  • Existing mortgages
  • Portfolio loans, or loans that provide the funds you need to buy shares and other investments
  • Tax debt

Living expenses include: rent, groceries, utility bills, fuel for your car, as well as day-to-day expenses like food shopping and dining out.

Credit Score

What credit rating do I need for a home loan?

Your credit score is a number is based on your credit report, which includes records on money you’ve borrowed, loans you’ve applied for, and whether you pay them back on time.

Your credit score will be between zero to 1,000 or 1,200. The higher your score, the more reliable you will look to lenders. A score of at least 670 and above is considered good.

Property Value

Why do lenders require independent property valuations before approving home loans?

Sometimes what you think a property is worth might not match up with what it’s actually worth in the market. To determine a home’s true value, lenders may conduct a property valuation. The outcome may impact whether or not you are approved to borrow a certain amount of money.

Types of Home Loans

How does this affect my borrowing power?

The amount of money you can borrow may be influenced by the term (length), interest rate, fees, repayments, and other features of the home loan you’re applying for. For instance, a loan with low fees and interest rate could mean lower repayments and therefore boost your borrowing power.


How much should I save for a house deposit?

For most lenders, the more money you have saved for a home loan deposit, the more you’ll be able to borrow. Most lenders require a deposit of at least 5% – 20% of the total home loan amount.

At Easystart, we understand not all first home buyers will have a large amount of savings for a deposit. Learn more about our low deposit home loans here.

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