Step 3 · 1 day
Set your true budget
Work out what you can actually repay every week once you add the mortgage, rates, insurance, maintenance and water — the hidden costs you didn't pay as a renter. This is often far less than your borrowing power.
How to approach it
Open the true cost calculator on this site. Enter your expected property price, deposit and rate, then dial the living costs to your real lifestyle. The weekly or monthly number you can comfortably absorb — while still saving a little — is your True Budget.
Watch out for
Banks calculate affordability on income vs debt, and usually ignore maintenance, rate rises and how you actually live (kids, travel, car). Always test the repayment at a rate 1–2% higher than the advertised one — rates move before you refix.
Cost & timeframe
Typical cost
Free
Typical time
1 day
Common questions
What's the difference between borrowing power and True Budget?
Borrowing power is what a bank will lend you. True Budget is what you can repay while still living your life. Your True Budget is usually the lower number — shop to that.
Which interest rate should I use?
The bank's advertised rate for a baseline, then stress-test yourself at a rate 1–2% higher to see what repayments cost if rates climb before you refix.