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St George Max Calculation:
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The St George Max calculation determines your maximum borrowing capacity for a home loan from St George Bank. It's based on your income and the bank's assessment rate to determine how much you can afford to borrow.
The calculator uses the St George Max formula:
Where:
Explanation: This calculation helps determine the maximum loan amount you might qualify for based on your income and the bank's lending criteria.
Details: Understanding your borrowing capacity is essential when planning to purchase a property. It helps you set realistic expectations and budget appropriately for your home purchase.
Tips: Enter your annual income in AUD and the current St George Bank assessment rate. Both values must be positive numbers to calculate your maximum borrowing capacity.
Q1: What factors affect my actual borrowing capacity?
A: While income and assessment rate are key factors, the bank also considers your expenses, existing debts, credit history, and living expenses when determining your final borrowing capacity.
Q2: How often does St George Bank update their assessment rate?
A: Assessment rates may change based on market conditions and regulatory requirements. It's best to check with St George Bank directly for their current assessment rate.
Q3: Is this calculation definitive?
A: This provides an estimate only. Your actual borrowing capacity will be determined by St George Bank after a full application and assessment process.
Q4: What other costs should I consider when buying a home?
A: Beyond the loan amount, consider stamp duty, legal fees, building inspections, moving costs, and ongoing expenses like council rates and insurance.
Q5: Can I increase my borrowing capacity?
A: You may improve your borrowing capacity by reducing existing debts, increasing your income, or having a larger deposit saved.