Mortgage calculator accurate?

dunner515

Just wondering how accurate are those online calculators are?

Has anyone used them online and said they would be given x amount and then gone into the bank and were offered more or less then what the calculator stated?

Is the general rule 3.5 times your annual salary?

Thanks for any replies

thebeerbaron

dunner515 wrote: »

Is the general rule 3.5 times your annual salary?

Officially yes, depending on a case by case basis there may be some leeway. Also depends on the bank.

rmactier

dunner515 wrote: »

Just wondering how accurate are those online calculators are?

Has anyone used them online and said they would be given x amount and then gone into the bank and were offered more or less then what the calculator stated?

Is the general rule 3.5 times your annual salary?

Thanks for any replies

The calculators online are giving the best case scenario. Every one I tried was saying in the 230k+ range but reality is more like 140k. Best is to talk to someone in the bank and let them know repayment capacity and such and you'll get better. I did that and went from 245k online down to 135k then back upto 180k when I talked to someone.

General rile from the central bank is 3.5% but they are allowed to go up to 4.5% if they feel you can repay it safely.

Woshy

We were offered less than the online calculator said I think - this was before the new deposit/salary rules came in though.

The_Morrigan

Those calculators tend not to account for things like dependents, existing debt, types of employment or treatment of incomes.