Westpac - Home Loan Calculator Question

When inputting your rental income to 'How Much Can I Borrow' calculator on the Westpac website, what do you input? I know the banks only consider 70% of the gross rent you receive, but do I put in 70% in the calculator or do I put in 100% and it takes into account 70% automatically of what you input?

Thanks.
 
Dont trust those online calculators. They are just not accurate enough. Talk to a broker instead. Most are more than happy to give you a realisitc borrowing capacity. Online calculators are simply a sales tool. They might be a little bit accurate for simple one or two income family, but any thing more complicated than this and the result will be skewed.
 
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I know they're not accurate, I just want to get a rough idea of where I think I stand. I was told over the phone by Westpac an amount more than I need, then another person told me an amount lower than I need, so thought maybe I was over-estimating my rent.

Thanks Rob, that's what I thought and had been told but wanted to make sure before I went to the bank with my final figures and get the pre-approval official. Just couldn't work out why such a big discrepancy. Doesn't make sense to me, I know I have more than enough cashflow. Now, maybe I am going to start finding out why people complain about banks so much. :(
 
If you're planning to deal with Westpac, you're about to learn a whole lot of new lessons on that subject.
Good luck!

Hmmm, was hoping to keep it simple (my other two are with Westpac). Maybe this is where it's time to start spreading my lenders if it gets too difficult. :mad:
 
Hi Biggles

As an existing client there is some money out aside for you.

but you arent insulated from the stupidity of their credit scoring systems.

Little things like overdrawn savings accounts can cancel out 10 years impeccable mortgage and card history.

Run, dont walk :)

ta
rolf
 
Trouble with banks is you are dealing with policy guided bank employees who just fit round pegs into round holes and are not trained to think outside the square of client's financial circumstantial reality.

There's more Barbara's from bank world employed behind the scenes and out of sight than on the retail banking floor - never a truer word than what's made in gest.
 
I know they're not accurate, I just want to get a rough idea of where I think I stand. (

I think it's wise to avoid the websites. I just visited a coupe of banks sites to test it out. One tells me I can have 300K more money and one tells me 150K, go figure.
 
I think I'm about to deal with them for the very first time. Should I be worried? Any hints/tips to make it easier/smoother?

Dont would make it much easier.

In the current environment there arent many circumstances for a new client to be sent to WBC because of credit or niche reasons.

The product is still great, but the root canal therapy isnt worth it

ta
rolf
 
Dont would make it much easier.

In the current environment there arent many circumstances for a new client to be sent to WBC because of credit or niche reasons.

The product is still great, but the root canal therapy isnt worth it

ta
rolf

I thought it was CBA brokers were avoiding; is it both now? Will it be the big 4 soon at this rate? :p
 
Spread it around Biggles.

dtraegar, the job as a broker is to try and place you with the best loan product and bank that will suit you personally and financially. Prob atm is that there is just not that much choice!:p

Regards JO
 
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