Home Loan Calculators
Apart from giving you a general idea on your borrowing capacity, home loan calculators can prove useful at various stages of your home loan – both before your application and during the life of your loan. Regularly utilising home loan calculators can help you determine:
- What you can afford to buy, type of property
- What your repayments will be
- How to reduce your repayment costs
Tips on Using Home Loan Calculators
An easy way to maximise the benefits from home loan calculators is to use a set of loan calculators that complement each other. Below you will find a list of home loan calculators matched up against various stages of the home loan process, view the calculators that relate to your current situation. Please note, your borrowing capacity will vary from lender to lender depending on your circumstances, to have a more precise assessment of your borrowing capabilities, talk to a local mortgage broker or call our Home Loan Help Desk on 13 LOAN.
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Home Loan Calculators For Budgeting and Saving My Home Loan Deposit
Saving up for your home loan deposit will inevitably involve tightening your belt, but you also need to ensure that your savings goal is realistic and will not cause a financial strain on you and your family. The budget planner helps you work out which expenses you can comfortably afford to cut out and helps determine a realistic savings goal. The savings plan calculator takes things a step further by calculating how soon you will be able to achieve your savings goal if you using the interest rate on your current savings account.
Using Home Loan Calculators to Prepare My Home Loan Application
The first step in your home loan application will undoubtedly involve determining your borrowing capacity. The how much can I borrow calculator will give you a general idea of how much you can afford which is crucial in the house hunting process. Used in conjunction with the Where Can I Buy calculator, you will not only have an idea of your borrowing power but you will also get an idea of which suburbs you can afford to live in and hone in on these areas during your house hunt. It will also be worthwhile to determine what your repayments will be and factor in any potential rate rises to ensure that you can comfortably make them, the home loan repayments calculator will prove a particularly handy tool for this.
Managing Your Mortgage Using Home Loan Calculators
Maximising on any opportunities that save you money on your home loan and shorten the life of your loan are some of the easiest ways of ensuring that you own your home sooner rather than later. Home Loan Calculators can come in handy when you are preparing your mortgage management schedule, particularly with regards to making extra repayments. The following calculators can be used to better manage your current home loan:
As your interest is calculated daily, any extra repayments you make, will save you money on interest payments. This calculator helps determine the amount of interest saved if you increase your home loan repayments.
Making additional ad hoc payments that exceed your minimum repayments, could save you money spent on interest payments and shorten the life of your home loan. Find out how much time and interest can be saved by paying a lump sum off your loan.
Home Loan Comparison Calculator
Whether you are looking into refinancing or getting your first home loan, you will need to compare your current home loan to others in the market. The home loan comparison calculator allows you to select any two home loans in the market and determine which is the cheapest in total fees and interest over the life of the loan.
Principal and Interest Calculator
Your home loan repayments are made up of your principal (the amount you borrowed) and your interest (calculated daily using the amount you still owe). Since interest is calculated daily, paying off your principal faster reduces the amount of interest you have to pay – ultimately saving you money. Find out what portion of your monthly repayments goes towards paying off your principal and what portion are your interest payments.
Your borrowing capacity will vary from lender to lender depending on your circumstances. To have a more precise assessment of your borrowing capabilities, talk to a local mortgage broker or call our Home Loan Help Desk on 13 LOAN.
- Budget Planner Calculator
- Combination Split Loan Calculator
- Credit Cards Calculator
- Extra Repayments Calculator
- Home Loans Savings Calculator
- How Much Can I Borrow Calculator
- Income Tax Calculator
- Loan Comparison Calculator
- Loan Repayments Calculator
- Lump Sum Repayments Calculator
- Principal Interest Calculator
- Property Finance Calculator
- Stamp Duty Calculator
- Term Deposit Calculator
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)
