It is calculated very differently here.
But here is a calculator to help:
http://www.virginhomeloans.com.au/ot...ors.cfm?ocId=1
Also Note:
Mortgage lenders will take any Credit Card "LIMITS" into account when you apply for a Mortgage. So, if you can, pay off any balances, before applying, and have your card limit reduced to a few hundred $ only.
In my experience, if you pay off the balance at the end of each month, and therefore pay NO interest, the lender can often be convinced to ignore that cards credit limit, but you need to be able to prove it.
Most Bank Lenders will also offer you a credit card, effective after the mortgage is done, and that limit is ignored in the calculation.
