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How much can I borrow when refinancing?

Every lender has their own formula for calculating your borrowing power, and they generally look at six main factors.

  • Deposit - the larger your deposit, the more you can borrow and the less interest you’ll have to pay on your loan.
  • Income – this is not just how much your household brings in, but how much is left for home loan repayments after the bills and day-to-day expenses are paid.
  • Level of debt – how much you owe on other loans and credit cards will also influence your available income.
  • Savings history – having a savings history of at least 3 months demonstrates to a lender that you’ll be able to manage your home loan repayments.
  • Credit rating – a sound credit rating is one of the first things lenders look at, as it is based on your borrowing and repayment history.
  • Home loan term – a lender will look more favourably at a longer loan term, but remember it will mean you pay more interest over the life of the loan.
  • Property value - a lender may conduct a valuation of your chosen property to determine the amount they are willing to lend you.

​​You can get an upfront estimate of your borrowing power with Tiimely Home with our borrowing calculator.

Found in:

  • Refinancing

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Legal things about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

Our trade mark
Tiimely is a registered trademark of Tiimely Pty Ltd.