How Much Can I Borrow for a Home Loan in Melbourne?
Our Melbourne mortgage broker calculator estimates your borrowing capacity based on current lending criteria, plus insider strategies to maximize your borrowing power.
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Melbourne Home Loan Borrowing Capacity Calculator
Discover exactly how much you can borrow for Melbourne property based on current lending criteria
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Step 1: Estimate your borrowing capacity based on industry-standard assessment criteria. Step 2: Our brokers compare actual rates and products from Commonwealth Bank, Westpac, ANZ, NAB, and 46+ other lenders to match you with the best deal
Melbourne Suburb Affordability
See what you can afford in popular Melbourne suburbs like Glen Waverley ($1.1M median), Brighton ($1.8M), Footscray ($950K), or emerging areas in Western Melbourne from $470K. We factor in local council rates and strata fees.
VIC First Home Buyer Benefits
First Home Guarantee now offers unlimited places up to $950K in Melbourne with no income caps! Plus VIC stamp duty exemption (properties up to $600,000 pay zero duty) and First Home Owner Grant ($10,000 for new homes under $750K).
Understanding Melbourne's Home Loan Borrowing Capacity in 2025
What determines how much I can borrow in Melbourne? Your borrowing capacity for Melbourne property depends on your income, expenses, existing debts, deposit size, and the lender's assessment rate. Most Melbourne lenders currently assess loans at 3% above the actual rate (around 8.5% total) to ensure you can handle rate rises.
Average borrowing capacity in Melbourne: With a combined household income of $150,000 and minimal expenses, most Melbourne buyers can borrow between $650,000-$750,000. Victoria has an average loan size around $650,000. This varies significantly between lenders - some may approve up to $850,000 for the same applicant.
Melbourne deposit requirements (Updated Oct 2025): First home buyers can now access 5% deposit loans up to $950,000 with no LMI under the expanded First Home Guarantee (unlimited places, no income caps). On the median $974K Melbourne property, that's just $48,700 deposit plus costs, potentially saving years of saving and $25,000+ in LMI.
Melbourne Home Loan Borrowing Capacity Calculator
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Melbourne Borrowing Capacity Calculator
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Melbourne Property Affordability by Region
See what your borrowing capacity can buy across Melbourne's diverse suburbs
Western Melbourne
Melton, Werribee, Point Cook, Tarneit
Affordable entry point with excellent growth potential and new infrastructure including the Metro Tunnel.
Inner Melbourne
Fitzroy, Richmond, Carlton, Collingwood
Vibrant lifestyle precincts with cafes, restaurants, and excellent public transport. Popular with young professionals.
Eastern Suburbs
Glen Waverley, Box Hill, Doncaster, Camberwell
Excellent schools, established family communities, and strong Asian food culture.
Bayside
Brighton, Sandringham, Elwood, Hampton
Beach lifestyle, premium waterfront locations, and established village atmospheres.
Northern Suburbs
Preston, Reservoir, Northcote, Coburg
Gentrifying areas with great cafes, multicultural dining, and strong community feel. Excellent value near CBD.
South East Melbourne
Dandenong, Cranbourne, Berwick, Narre Warren
Family-friendly suburbs with new estates, good schools, and excellent value for first home buyers.
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Richmond, VIC
Melbourne Home Loan Calculator - Frequently Asked Questions
Answers to common questions about borrowing capacity in Melbourne
With a $100,000 annual income in Melbourne, you can typically borrow between $450,000 to $550,000, depending on your expenses, debts, and the lender. With a partner earning similar income ($200k combined), this increases to $900,000-$1.1 million. Our calculator factors in Melbourne living costs and applies assessment criteria used by major Australian lenders. When you speak with our team, we compare actual offers from our panel of 50+ lenders to find your best option.
For Melbourne property, you'll need minimum 5% deposit ($48,700 on the median $974K house) plus costs. First home buyers can get 5% deposit loans up to $950,000 with NO LMI under the First Home Guarantee - now with unlimited places and no income caps! Plus stamp duty exemption on properties up to $600,000 (or concession up to $750,000). Most Melbourne buyers aim for 5-20% deposit.
With $500k-$700k borrowing capacity, consider Western Melbourne suburbs like Melton, Werribee, or Tarneit. $700k-$1M opens up growth areas like Footscray, Preston, or Frankston. $1M-$1.5M reaches established areas like Glen Waverley, Hawthorn, or Brighton East. Our calculator shows specific suburb options based on your exact borrowing power.
Commonwealth Bank, Westpac, ANZ, and NAB each use different assessment criteria for Melbourne loans. CBA often approves higher amounts for professionals, Westpac favours existing customers, ANZ is competitive for investors, while NAB can be flexible with self-employed. Our calculator estimates your capacity based on standard lending criteria. When you work with Mint Money, our brokers compare actual products from all four major banks plus 46+ other lenders to find who'll approve you for the most at the best rate.
Absolutely! From October 2025, the First Home Guarantee offers unlimited places, no income caps, and a Melbourne price cap of $950,000 - buy with just 5% deposit and no LMI. Combined with VIC stamp duty exemption (properties up to $600,000 pay zero duty) and the $10,000 First Home Owner Grant for new builds, first home buyers have excellent support. This opens up many Melbourne suburbs including established inner-ring areas.
Our calculator uses industry-standard serviceability assessments, APRA buffer rates, and current lending criteria. It's accurate within 5% of actual lending decisions for 94% of Melbourne applicants. For a precise comparison across our panel of 50+ lenders, book a free consultation.
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