How much you can afford to borrow towards your new home will depend on a number of factors. For example: How much do you earn? What is the income of the people that you may be buying the property with? How much do you spend each month on other commitments such as loans or even travel expenses? What are your current assets and liabilities?

Numbers and financial calculations tend to turn a lot of people off when starting the purchase process and some decide to leave these calculations until the last minute – and that can lead to a lot of stress and disappointment. But doing the numbers is not as hard or as daunting as you may initially think.

Our mortgage repayment calculator will assist you in calculating monthly repayments based on your estimated loan amount and different interest rates in case interest rates rise.

Don’t forget stamp duty may apply when you buy your new home. Our stamp duty calculator can help you with your calculations.

In mortgage.com.au's Buying section you’ll find some helpful checklists that you can print out and refer to during the budgeting process. At the end you’ll have a quick reference of your estimated financial position that you can use when you visit a home loan provider. Best of all, if you get it all out of the way now you won’t need to worry about doing it all later! Importantly, knowing your financial position will help you determine how much you can borrow, so you can start setting realistic expectations in terms of what house you can look at potentially buying.

You should also consider talking to an independent financial adviser or your accountant about your intention to buy a property.