Budget Planner Calculator
The costs of paying a mortgage plus running a functional household quickly add up, often taking new home owners by surprise, with unwanted financial pressure the result. That’s why Mortgage House recommends first experimenting with our online resources including our Budget Planner Calculator that will help you meet costs and keep spending in check.
The budget planner calculator will get you back on track to save for a deposit, assist with budgeting for repayments, identify means of saving and help keep finances in positive territory. The budget planner calculator is an important tool for ensuring your income always meets expenses, and a little extra can be squirrelled away for luxuries or emergencies.
Using the calculator is easy. Simply input your information into the form fields and review the summary. Experiment with the calculator by altering income and revising expenditure, and you may discover more ways to get your budget back into surplus.
* The comparison rate is calculated on a secured loan of $150,000 with a term of 25 years with monthly principal and interest payments.
WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Important Information: Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Interest rates are subject to change. Offer does not apply to internal refinances and is not transferable between loans. Rates, fees and charges displayed apply to new borrowings only. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice.
NOTICE: There are currently movements in the market place which affect the price of money. Therefore there is a high probability that mortgage rates may increase in 2016. Fixed rate loans are not set (locked in) until loan funds are drawn down. All quoted fixed rates are indicative only and are set from loan settlement.
Frequently Asked Questions
Can I afford mortgage repayments?
This is a question worth asking by anyone considering entering into a mortgage. The ability to make repayments without undue financial strain is essential and knowing exactly where you stand is the first step. At Mortgage House, we take time to meet with you and outline your mortgage prospects, and we even have low-doc loan products suitable for self-employed and small-business people.
Purchasing a home is the biggest financial investment most Australians make, and choosing the right property can be exciting, bewildering, and a little frightening for some. At Mortgage House, we de-stress the entire process for you and can even offer a conditional pre-approval dollar-amount so you can begin your real estate search with confidence.
It’s also worth remembering that the financial sacrifices you make will ultimately result in home equity that can become a springboard to greater financial freedom. An occasional refreshing of your budget plan is recommended, and it’s a good idea to remain in touch with Mortgage House for mortgage products and solutions designed for people just like you.
What loan amount can I borrow up to?
The budget planner calculator will help you to save, and possibly even increase your borrowing power. The information you glean from the budget planner calculator can be entered into our borrowing calculator for personalising your loan options, finding competitive interest rates and further tailoring your selections.
The borrowing calculator is a guideline tool that will provide plenty of inspiration, while also offering greater clarity and direction regarding purchasing choices. Borrowing calculator results include the overall amount you can borrow, making it easy to get a good estimate of expected repayments during the life of your loan. The next step is formalising the process with the assistance of your Mortgage House Lending Manager, and you are on your way to home ownership.
The amount you can borrow is relative to all other expenses, making budget planning a realistic means of assisting with your mortgage application, approval and ongoing payments. Household expenditure quickly adds up and making sure you have enough left over to pay the mortgage is easier when finances are tidy. The below chart gives a broad breakdown of typical household expenses worth considering.
What information can a repayments calculator give me?
Mortgage House assistance is progressive, including our online calculators that help customers ascertain and build-up their financial position. Once you have budget planning and borrowing power estimates, it’s an easy next step to find out your estimated loan repayments. The Mortgage House mortgage repayment calculator is a flexible and easily adjustable tool that will indicate loan repayments for loans of all sizes and durations.
When you consider the dozens of Mortgage House loan products available, all with unique features, our popularity is clearly understood. The ability to toggle between online calculators, fine-tune decision making and work with one of Australia’s most reputable lenders makes the decision to choose Mortgage House a natural one.
Mortgage repayment calculator input can be changed to suit the loan type, interest rate, repayment schedule and more, allowing you to appreciate exactly how much principal and interest you will be paying over the duration of the loan. Mortgage House incentives include the ability to make lump-sum payments without incurring fees, switching between loan products for additional savings, and attaining financial freedom years earlier than expected.
The mortgage repayment calculator is a useful and reliable tool to have on hand when interest rates rise and fall. You will know exactly how much more (or less) your regular repayments will be. It may also assist you by indicating the benefits of making higher regular repayments that will protect you from financial instability during interest rate rises.
Can I compare loans with a mortgage calculator?
Comparing mortgage loans will give you greater insight into the ways various products affect your budget and repayments. You will need to focus on long-term strategies, as most mortgages last between 20-30 years, and there is need for flexibility at times. You can explore other Mortgage House tools, such as the best rate calculator for easily comparing many mortgage options at once.
The best rate calculator processes information that includes the loan amount, property value, fixed or variable interest, plus full doc or low-doc options. With the click of a button, a list of Mortgage House loans that match your search criteria are displayed, making the best rate calculator ideal for home owners, renovators and property developers. The best rate calculator includes options for weekly, fortnightly or monthly repayments, and also gives a comparison rate that indicates the impact of any fees and charges included.
At Mortgage House, we showcase loan products designed to suit all Australians, and we believe in arming you with all the tools and resources required to make the best possible purchasing decision. We are also extremely accessible, with reach all around Australia and lending managers who invite you in rather than chasing you away. Mortgage House is the home loan solutions expert & are ready to help you make your dreams come true.
Can I save money if I reduce my loan term?
Almost half the total repayments of a typical 30-year loan are made up of interest payments. Reducing the term of your loan will also reduce the amount of interest you pay overall. If your finances are in good shape and you can afford to make additional repayments or higher repayments, you will be the one who ultimately benefits.
The loan product you choose is important, as you will then be able to select between fixed, variable or split-interest rates. Fixed-rate loans usually include interest rates that are locked in for several years, without the ability to make additional fee-free repayments. Flexible-rate loans, on the other hand, have interest rates that fluctuate, plus the flexibility of allowing additional repayments without charge.
One way to reduce your loan term is to change from a monthly to fortnightly repayment schedule. You will end up making an extra repayment every year, ultimately shaving several years off the lifespan of your mortgage. There is no sense being impatient when it comes to paying off the mortgage, but with Mortgage House on your side, you can always remain alert to offers and opportunities that result in greater financial freedom.
What other tools and calculators does Mortgage House provide?
At Mortgage House, we provide information, ideas and resources that were previously only accessed by the big banks. Times have changed, and progressive lenders such as Mortgage House are focused on delivering mortgage and loan products that work just as effectively for everyday Australians as they do for wealthy multinational corporations. Our mortgage calculators include:
Mortgage Repayment Calculator: Calculate expected repayment rates across the range of Mortgage House products, including fixed rate, variable rate and other loan types.
Borrowing Calculator: Get a reliable estimation of your borrowing power so you can commence the search for your dream home or investment property.
Switching Mortgage Calculator: Find out the short-term and long-term advantages of switching to a mortgage product that more accurately reflects your needs.
Stamp Duty Calculator: Examine stamp duty fees and other considerations that can impact your budget and borrowing power.
Budget Planner Calculator: Collate important mortgage or loan information in one place for easy retrieval and reference.
Mortgage House loan solutions are extensive, providing superior offers that even the big banks can’t match, and we back up our loans with personalised service. We are on your side, helping you to adapt to changing circumstances, overcome obstacles and appreciate your real estate and investment potential. Mortgage House loans include:
Fixed Rate Loan: A fixed rate loan is ideal when you require certainty regarding regular mortgage repayments.
Variable Rate Loan: Variable rate loans usually allow borrowers to make additional lump sum repayments without incurring a fee.
Toggle Offset Loan: Half fixed and half variable rates so you can toggle between the two to optimise interest and savings.
Portable Loans: Moving to a new address would be easy if you could take your existing loan with you, and Mortgage House makes it happen.
Split Home Loan: You get to choose the fixed and variable percentages of your mortgage, allowing split home loan savings to work for you.
Interest Only Loan: This very useful temporary measure allows you to minimise repayments while your asset increases in value.
Lines of Credit: Similar in function to a credit card, your line of credit allows you to borrow and repay a specified amount repeatedly, without the need for a new contract.
Low Doc Loan: A lack of documentation shouldn’t affect your solid work history, and Mortgage House will work with you to find a suitable home loan product.
Bridging Loan: Timing is important in real estate purchases, so Mortgage House offers competitive bridging loans to tide you over during time-consuming transitions.
With so many mortgage and loan solutions to discover, and your budget plan in place, the ability of Mortgage House to help you realise your dreams are very real, so contact us today for more inspiration.