provida lend

Can I afford to buy a home?

Compare your rent to mortgage repayments

$
%
years

Using your current rental payments, you could be paying off an estimated loan of:

$244,953

With a 20 % deposit of $0, your total buying power could be

$0
This calculator is designed to give you an estimate of what size loan your rental payments may be able to service, using the interest rate and loan term you have selected in the calculator. It is not an indication of your borrowing power and has not taken into account factors that would be considered in a credit assessment if you apply for a home loan. The results do not constitute any agreement by any lender to provide credit. Initial calculations are based on average rent for a 2 bedroom apartment in Australia of $650 per week at 5.80% for 30 years, paying principle and interest.

How does the rent vs buy calculator work?

Our rent vs buy calculator looks at what you currently pay in rent and estimates the home loan amount that would result in similar monthly repayments.

It gives you a rough idea of what you might be able to borrow if you were making mortgage repayments instead of rent.

It does not factor in your debts, living expenses, stamp duty, LMI or lender policy differences. So it’s a starting point, not a formal borrowing assessment.

If the numbers look promising, the next step is to speak with a broker to review your full situation properly.

Frequently Asked Questions about Renting vs Buying

  • Income and Expenses: The calculator assumes the income entered is accurate and does not factor in living expenses or existing debts, which lenders will assess separately.

  • Interest Rate and Loan Term: A default interest rate of 5.5% and a 30-year loan term are used unless adjusted. Changes to these inputs will affect the results.

  • Repayment Capacity: The calculation assumes up to 30% of your gross monthly income is allocated to loan repayments.

  • Indicative Only: Results are estimates and may vary based on individual lender policies and criteria.

  • Purpose: This tool provides general guidance only and is not a substitute for personalized financial advice or a lender’s assessment.

Calculate my borrowing power

Borrowing power refers to the amount a lender may allow you to borrow based on your income, expenses, debts, and financial situation. It’s an estimate and can vary between lenders.

No, the borrowing calculator provides an estimate only. This estimate would include any existing loans you have. The final amount will depend on a lender's assessment of your full financial situation, including their specific lending criteria.

Approval times can vary between lenders. Generally, pre-approval can take a few days, while full approval may take one to two weeks once all documents are provided. We handle the process and keep you updated every step of the way.

Talk to a broker
Provida Lend mortgage broker
Tim Cornelius
Home Lending Strategist
group of people beside coffee table

Call or email, we're here to help

Our expert insights will help guide you through the process and get you to your goal sooner.
0403 565 035
tim@providalend.com.au

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Lending Specialists for Migrants in Australia

Provida Lend is a mortgage broker based near Seacombe Gardens SA 5047, supporting clients across Adelaide including Marion, Brighton, Glenelg and surrounding suburbs. We specialise in home loans and mortgages for first home buyers, new residents and temporary visa holders, with access to 60+ lenders across Australia. Local South Australian support. Australia wide service.
Provida Lend Pty Ltd (ABN 98681620002) and Timothy Cornelius with Credit Representative Number 560907 are Credit Representatives of Australian Credit Licence 384704.
This website provides general information only and has been prepared without taking into account your objectives, financial situation or needs. Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.