All Topics / Finance / Loan affordability calculators – the good one’s!

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of BrisbaneAndyBrisbaneAndy
    Participant
    @brisbaneandy
    Join Date: 2009
    Post Count: 45
    August 20, 2010 - 4:17 am

    Hey guys and gals,

    just wondering if anyone has links/copies/files for a good and current loan affordability calculator?

    I'm specifically after one that can handle multiple properties/loans.  I used to have the CBA internal calc's but lost them when my computer died so hoping someone out there could help.

    Cheers and thanks heaps in advance,

    Andy

    PS Ex-lender so prefer to do the calc's myself before bothering any brokers/lenders

    Profile photo of LHLH
    Participant
    @lh
    Join Date: 2010
    Post Count: 97
    August 20, 2010 - 6:42 am

    If servicing is really tight I'd suggest the Homeloans Ltd calculator.

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871
    August 20, 2010 - 10:43 am

    Hi Andy,
    A lot of lender ones are a tad on the anal (general or vague may have been a better choice of word) side.
    Have a crack at one from an LMI provider – you can download as an excell sheet for a play around.
    Link is here http://www.qbelmi.com/pg-Nsr-Calculator.seo

    FYI I reckon the best home buying cost calculator is on the NAB website. (I even discretely use that one where I am currently working (underpaid and over qualified….) because it is quick and simple) although I know that is not the caluclator you were after.

    I think you will find this qbe one will be ok to give you a general idea.

    All the best.

    Profile photo of BrisbaneAndyBrisbaneAndy
    Participant
    @brisbaneandy
    Join Date: 2009
    Post Count: 45
    August 20, 2010 - 11:07 pm

    Thanks guys, the QBE one is the type I was after.

    Now to get that NSR under 90%

    Profile photo of BankerBanker
    Participant
    @banker
    Join Date: 2010
    Post Count: 371
    August 21, 2010 - 1:25 am

    Keep in mind many non-banks have a strict rule in terms on manditory surplus in their calculators. Majors are also heading towards this however I’ve just arranged an approval with a shortfall of $600 per month.

    Dont discount the power of a good relationship with your bank…

    Profile photo of BrisbaneAndyBrisbaneAndy
    Participant
    @brisbaneandy
    Join Date: 2009
    Post Count: 45
    August 21, 2010 - 2:55 am

    Don't worry banker, got lender friends coming out of my ears!  Just always feel bad getting them to run loan scenarios whilst I'm standing in front of a property

    It's been a while since I fit inside the standard criteria anyway and it's just getting more complicated by the day.  Almost feel sorry for my bankers… almost

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 21, 2010 - 4:18 am

    Also remember under NCCP servicing calculators are almost a thing of the past.

    Richard Taylor | Australia's leading private lender

    Profile photo of itsandrewitsandrew
    Participant
    @itsandrew
    Join Date: 2007
    Post Count: 294
    August 24, 2010 - 5:57 am

    Richard, how do they work out servicing now if they don't use a calculator?

    Regards,

    Andrew

    itsandrew

    Go as far as you can see and you will see further.

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