1. What is the ING Borrowing Capacity Calculator?

The ING Borrowing Capacity Calculator estimates the maximum borrowing amount based on your income and ING's lending multiple. This helps potential borrowers understand how much they might be able to borrow from ING Australia.

2. How Does the Calculator Work?

The calculator uses the ING borrowing formula:

Where:

• \( Income \) — Annual income in Australian Dollars (AUD)
• \( ING\ Multiple \) — Lending multiple determined by ING (unitless)

Explanation: The equation calculates maximum borrowing capacity by multiplying your annual income by ING's lending multiple, which varies based on individual circumstances and current lending policies.

3. Importance of Borrowing Capacity Calculation

Details: Understanding your borrowing capacity is essential for financial planning, particularly when considering home loans or other significant financial commitments. It helps set realistic expectations before applying for credit.

4. Using the Calculator

Tips: Enter your annual income in AUD and the applicable ING lending multiple. Both values must be positive numbers. Contact ING directly for the most accurate multiple based on your specific financial situation.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect the ING multiple?
A: The multiple can vary based on your credit history, existing debts, living expenses, loan type, and current market conditions.

Q2: Is this calculation guaranteed by ING?
A: No, this is an estimate only. Actual borrowing capacity is determined by ING after a full assessment of your financial situation.

Q3: What income should I include?
A: Generally, include your gross annual income from all sources, but some types of income may be assessed differently by lenders.

Q4: How often does ING update their lending multiples?
A: Lending multiples may change based on economic conditions, regulatory requirements, and internal policy updates.

Q5: Should I use this calculator for other lenders?
A: Different lenders have different criteria and multiples. This calculator is specifically designed for ING's borrowing assessment.