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How can mortgage calculators help me find a home loan?

Choosing a home loan means making a lot of important, and sometimes detailed, decisions. Having as much information on hand as you can, can certainly help. At Mortgage House we can help you out, with a series of tools and resources to help you choose from the mortgages on offer. Mortgage calculators are just one of the tools that can make a big difference. With the right information, they can act as a clear guide, steering you towards the decisions that can make your property dreams come true. Mortgage calculators can help you select from a specific range of mortgages, and help you narrow down the field. But, make sure the information you put into mortgage calculators is as correct as it can be, and remember, they are there to act as a guide. Also, if our mortgage calculators don’t give you the good news you are looking for, and your numbers fall short, don’t despair. Contact us and we can use our experience to go the extra mile for you.

How do I use a repayment calculator to get the information I need?

Finding out how much repayments may be on the mortgages you are trying to choose between can be one of the biggest influences on whether or not you go ahead with an offer. Therefore, it’s important our mortgage calculators are flexible, easy to use and easy to understand. Repayment calculators will give you an indication about how much repayments of specific mortgages can be. You can enter the size of the loan, the interest rate, the loan period, and even whether the interest rate is an introductory offer or not. A handy graph will show you how much interest you will pay, and when, and an overall monthly, fortnightly or weekly repayment figure. The other great thing about our mortgage calculators, especially our repayment calculator, is that they can show you what the overall costs of any mortgages may be. In other words, how much you might pay overall. You can use our repayment calculator to factor in any interest rate increases, to see whether the repayments are something you can fit into your budget if they rise.


Is there a calculator that can narrow down my home loan options?

Finding a suitable rate for a home loan is never easy. With so many mortgages to choose from, you can sometimes feel like you are drowning in a sea of information. Luckily, our mortgage calculators can help you keep afloat. Our Best Rate Mortgage Calculator allows you to compare what is on offer, all with a couple of clicks. Enter the price of the property you want to buy, how much you want to borrow, whether you want a fixed or variable rate, and whether you have all the documentation you need. Then, voila! Below appears a range of loans that can fit your criteria. You will also find a handy repayment table next to them, as well as the comparison rate, which can give you a better understanding of the true cost of a loan, once all the fees and charges are added in. We also offer mortgage calculators that can help you if you are switching mortgages. This tool can highlight the savings you can make by switching to other mortgages. There is also a calculator to help you calculate stamp duty. All these tools can make a big difference when choosing from the range of mortgages on offer.

What will my repayments be, and should they be monthly?

Our mortgage calculators can give you a good indication of what your repayments may be for individual mortgages, but how much is a safe amount to pay for you? Firstly, look at fortnightly payments as an option. Over the life of the loan you can save thousands, and possibly cut your repayment time by years, by paying fortnightly instead of monthly. When it comes to finding a suitable level of repayments, the first step is knowing your budget. We have a calculator to help you there, as well. A typical rule of thumb is to ensure that your mortgage expenses don’t exceed more than one quarter of your gross income. Given the other expenses of owning a home, any more can leave you too little money for all of life’s other things. At the end of the day, it is always important to get professional budget advice before you go looking for your dream house.

Can I use a borrowing calculator to find out how much I can borrow?

Information can be king when it comes to choosing mortgages, and our borrowing mortgage calculator can help give you all the information you need to get started. As the name suggests, this mortgage calculator can give you an indication of how much you might be able to borrow, based on your income and expenses. But remember, it is only a guide, and there can be a lot of other factors that go into lenders such as Mortgage House offering you a range of mortgages to choose from. Use it alongside our budgeting calculator to paint as accurate a picture as you can. Then give us a call and we can talk you through the next steps.

How does a mortgage calculator work?

Having access to a mortgage calculator is one of the great advantages of choosing modern home loans. At Mortgage House we have a range of mortgage calculators that can give you an idea of what your repayments may be, how much you might be able to borrow, how much interest you will pay and even what your stamp duty costs will be. The great thing is that you can gather all this information even before you apply for a home loan. The other great thing is that using a mortgage calculator is very easy. Before you start, you will need some basic information about the value of the house you want to buy, the life of the loan you want, the interest rate, and even the type of loan you are looking for. When you’re buying real estate it’s important to realise that most banks or lenders won’t lend you the full value of the property you are looking to buy, and how much deposit you will need can vary from loan to loan.

When you use a mortgage calculator, understanding whether you want an owner-occupied loan or investment loan can be beneficial, as can knowing whether you are after a principal and interest mortgage, or an interest-only home loan. Once you know all that, it’s just a matter of choosing which mortgage calculator suits, and entering in the information as accurately as you can. From there, the mortgage calculator will give you the information you are after, remembering that whatever the result, it will be a guide or an indication as to what may happen when you apply for a home loan.

How do I use the stamp duty calculator?

Stamp duty can be confusing, and if you have never bought a house before, it can be a surprise, a rather expensive one. When you become a home buyer you will probably have to pay stamp duty, which is another term for a tax on a large purchase. Stamp duty can also be paid on other large purchases as well. When you apply for a home loan, it’s important to include stamp duty in your loan amount. Stamp duty costs can vary across states, and even within states. Whether you are buying an existing home or building a new one, can also affect how much stamp duty you pay, or whether you pay any at all. If you have an idea of the value of the property you are looking to buy, enter that in our stamp duty calculator, and click through the other choices. We will then calculate the costs for you, giving you the total amount you will be likely to pay. Remember, if the loan amount changes then the stamp duty amount is likely to change as well.

What calculator can help me choose the best loan?

There are many ways to choose a suitable loan, and a mortgage calculator can certainly help. But first you need to know what kind of loan you are looking for. As well as all the information mentioned above, speak with our expert lending managers about whether a fixed-interest rate mortgage or a variable rate mortgage is suitable. A fixed rate home loan means your interest rate will be fixed for a period of time, usually between 1 and 5 years. With variable rate loans, the interest rates and therefore the repayments, can increase or decrease over the life of the loan. Which one is suitable for you can come down to something as simple as what your property objectives are, or even your current financial situation. If the level of interest rate is a key factor in your decision making then our best rate mortgage calculator is a great place to start. It lists the interest rate options depending on your loan amount, property value, loan type and whether you want a fixed rate or a variable rate home loan. If you already have a mortgage, then our switching calculator can help you work out whether changing loans can find you a better interest rate and maybe save you money.

How can I calculate my borrowing power?

At Mortgage House we have a mortgage calculator that can give you an indication of how much you might be able to borrow once you apply for a loan. Our Mortgage Borrowing Calculator gives you an idea of your borrowing power, which can allow you to narrow down or expand your property search. Fill in the details of the loan you are looking to apply for, including the interest rate and loan amount, and then complete the rest of the information about your income and your expenses. Borrowing power is not loan approval or even pre-approval for home loans, but is simply a guide. When you apply for a loan, you will need to provide evidence of income and expenses and other information such as your credit card limit, can come into play.

How can I calculate the interest on my mortgage?

The best way to find out how much interest you will pay on your loan amount is to use our Mortgage Repayment Calculator. Enter all the details of the loan, including the type of loan, loan amount, details around interest rates and life of the loan, and whether it is an interest-only loan or a principal and interest loan. The calculator will give you repayment information, as well as how much interest you will pay and when you will pay it. When it comes to interest payments, it is always worthwhile checking the terms and conditions of a mortgage to make sure there are no surprises.