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HEM (household expenditure measure)
a benchmark of living expenses used by lenders as a proxy for minimum household living expenses based on household make up and income levels.
Banks assess a borrower's income, other loans and living expenses to calculate how much money can be put towards home loan repayments.
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Most banks in Australia are reliant on HEM as a guide. By assessing your ability to borrow at higher interest rates, they can determine if you are still in a comfortable financial position even if interest rates rise.
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