Use an Income Tax Calculator to Calculate Your Net Income

If you are thinking about real estate and home loans, it would be beneficial to set up a budget to help you prioritise your earnings.

Tax time is upon us, signalling a good opportunity to take stock of your net income as you sort through your finances.

However, all too often we forget to think about the bigger picture and focus on the chance for a nice little pay out to take a little trip or buy some new fashion pieces.

Fortunately, there are other options to create an inventory of your income and create a budget.

A mortgage broker can examine paperwork with you - side by side - to navigate income, payments and all of your expenses.

You can also utilise an income tax calculator to determine your net income. This mortgage calculator tool uses tax rate tables found on the Australian Tax Office website - however does not include things like HECS payments and Medicare levies.

As your income is a major factor in defining your borrowing capacity, it is important to examine these figures to determine realistic payments that you can afford.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.