What Is A Loan Calculator?
Mortgage House prides itself on ensuring a simple and seamless process for our customers when they are searching for ways to reach their real estate goals. A key part of that is providing access to resources and loan calculators that our customers tell us they want, not only ones we think they need. With the knowledge and experience we bring to the table, our customers can be assured Mortgage House can provide them with suitable home loan options.
A mortgage and loan calculator provides information that can help you make a decision about which home loan to choose. The great thing about any Mortgage House home loan calculator is they can act as your own personal loan calculator. Just make sure the information you enter is accurate, and the information you receive will be a great guide to helping you take the next step on your property journey.
Our online mortgage calculator options can provide you with a range of information across different home loan options. Click on the below home calculator options for more.
Borrowing power calculator. This home loan calculator can give you an indication of how much you may be able to borrow.
Best Rate Mortgage Calculator. This online mortgage calculator is a good way to line up all the best Mortgage House interest rates in an easy-to-understand way, based on how much you want to borrow.
Switching Mortgage Calculator. This mortgage loan calculator can show you how much you may be able to save if you switch loans, whether it’s to find more suitable interest rates or other refinancing options.
Budget Planner Calculator. A mortgage calculator like this can help you with your budgeting, consolidating all your income and expenses in one simple table.
Mortgage Repayment Calculator. One of the most popular mortgage calculators in Australia can provide you with a guide of how much your repayments may be, including interest rates over the life of the loan.
Stamp Duty Calculator. Stamp duty can be complicated but knowing how much you will have to budget for is important, no matter where you live.
How To Calculate Home Loan Interest?
Everyone wants to know how much interest they will pay or how they can find lower interest rates when they are looking for a suitable home loan. An online mortgage calculator can do just that – and more! Not only can it tell you how much interest you may pay over the life of your loan, but it can also show how you can pay less.
Firstly, let’s look at the different kinds of interest rates you will find with Australian home loans. Interest rates are the amount the bank or lender charges you to provide the loan to you. Higher risk home loans or loans that require smaller deposits may attract higher interest rates.
Variable Rate. With a variable home loan, the interest rates may increase or decrease over the life of the loan. The interest rates can be influenced by either internal or external factors. Internally, the cost of supplying the loan to you may increase, and banks or lenders are likely to pass that on. Externally, a change in the national or world economy may force the Reserve Bank to adjust the official cash rate, which can impact interest rates.
Fixed Rate. Fixed interest rates will not change over an agreed time, usually between 1 and 5 years. Fixed interest rates give the borrower certainty in budgeting with repayment amounts staying the same. They also means you won’t fall victim to rising interest rates during the fixed period, lowering the risk of defaulting on your home loan.
Comparison Rate. All home loans advertised in Australia must include a comparison rate alongside their main interest rates. A comparison rate is a way to compare home loans of different kinds. A comparison rate is a formula that includes all fees and charges you may pay for that particular loan, making it easier to compare apples with apples.
Adjust the interest rates levels on any Mortgage House loan calculator options and see how it changes your repayment amounts and the amount of interest you may pay.
Mortgage House offers a range of loan features that can also help reduce the amount you pay in interest. The first is having the ability to make extra repayments without being penalised. Making extra repayments means you can pay off your home loan sooner, reducing the amount of interest you pay. Another popular feature is an offset account. An offset feature allows you to use a non-interest-bearing savings account to offset the interest of your home loan. The interest is calculated on the difference between the two accounts, rather than the mortgage alone.
Our Best Rate Mortgage calculator below can show you the different kinds of home loans and levels of interest rates Mortgage House has available. Notice the difference in repayment options on the right of the table. Make sure you choose fixed or variable interest rates and fill in all the other tabs.
Important Disclaimer: This information is intended as a guide only. The calculation of fortnightly and weekly instalments varies with the specific loan product. Higher loan repayments will be required on principal and interest loans where the instalment calculation is based on half the monthly payment for a fortnightly payment or a quarter of the monthly payment for a weekly payment. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan.
How To Calculate Loan Repayments?
Using a loan calculator to understand what your repayments may be over the life of the loan can make a big difference in choosing a suitable mortgage for you and your family. You can begin your real estate search with the knowledge of what your repayments may be, before even applying for a mortgage.
Mortgage House’s Mortgage Repayment Calculator can tell you how much your repayments might be, as well as the amount of interest you may pay per repayment and over the life of the loan. A loan calculator like this one can help you frame your buying decisions, give you the insight you need into managing a mortgage in the medium and long-term, and help you get over any problems that may arise.
However, an online mortgage calculator is only as good as the information you put into it, so make sure you are honest with the data you enter, as well as your ability to make regular repayments. Making sure you are aware of any financial hardships that may arise if you struggle to meet your repayments is also important.
Key to using a home loan calculator is acknowledging that it is a guiding tool giving an indication of what your repayments may be. It can help borrowers before they apply for a home loan and can also help them adjust any financial arrangements throughout the life of the loan.
A loan calculator such as our Mortgage Repayment Calculator can help fill in any gaps you have as you search for a suitable home loan. It can help you identify how much you can afford to repay, as well as putting a budget filter on how much a bank or lender may be able to lend you. It can also help you understand whether you have enough savings for a deposit and whether or not you are eligible for any government subsidies or grants.
Another important piece of information a mortgage and loan calculator can give you about is how regular your repayments should be. Many Australian banks and lenders give you weekly, fortnightly or monthly repayment options. Surprisingly, it can make a big difference over the life of the loan. By clicking fortnightly or weekly repayments on any Australian mortgage calculator, you will notice you can pay off your loan sooner than choosing monthly repayments. That could save you a lot of money in interest payments. For example, monthly repayments of $1000 add up to paying back $12,000 of your home loan over one year. Fortnightly repayments of $500, half the monthly repayment, means you will repay $13,000 a year. Over a 30-year loan, that can add up to a big saving. Not only are you lowering the interest repayments, but you are also paying off more of the principal.
Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House’s prevailing credit criteria apply. Please note that your actual fortnightly repayment would be equal to the monthly repayment amount divided by two. Weekly repayments would equal the monthly repayment amount divided by four. If you choose to pay fortnightly or weekly, your actual repayments will be higher than repayments shown on this page. You can reduce the term of your loan if you choose to make repayments fortnightly or weekly. We recommend you seek independent legal and financial advice before proceeding with any loan.
Are Loan Calculators Accurate?
Any mortgage and loan calculator is only as accurate as the information put into them, so it’s important to ensure you have as much available data as you can. However, everyone’s circumstances are different, and every home loan calculator can’t adjust to your specific financial situation. That’s why it’s important to realise an online mortgage calculator is a guide, allowing you to get an indication of what your repayments or borrowing power, stamp duty requirements or interest rates options may be. At Mortgage House we understand how powerful a tool knowledge is, which is why we want our customers to be as prepared as possible to begin or continue their home loan search.
Mortgage House wants their customers to have the right tools and skills at their fingertips from the moment they begin looking for a home loan. Our online calculator options include everything from how much you can borrow to how to get your budgeting in order, and they are all easy to use and understand. We know approaching a bank or a lander can be intimidating, but we don’t want you to be out of your depth. In fact, being unprepared is a thing of the past thanks to our home loan calculator options, meaning you can speak with our lending specialists with confidence. The best way to ensure the information you receive from our home calculator is as accurate as it can be is to contact us and let us show you how we can find you a suitable home loan.
How Much Can I Borrow With A Personal Loan?
As well as providing a range of home loans, Mortgage House also offers other loans that can help you achieve your financial goals. With commercial, business or property finance loans we can help you buy or invest. We also offer personal or car loans to help you buy that big-ticket item. Mortgage House’s personal loans can also help you consolidate your debts, potentially saving you interest. Our personal loans offer features including:
- Unlimited and free redraws
- Unlimited and free extra repayments
- Unlimited and free EFTs (Electronic Funds Transfer)
- Direct Salary Credits so you can save interest
- Bpay In
- Interest calculated daily and charged monthly
- Save interest with easy transfers from your home loan
- Money on standby for ‘rainy days’
- Variable and Fixed Rates with no penalties on fixed-rate loans!
- Improve your chance of getting a lower rate on your home loan
- Transferable security with no penalties when trading in a car
Finding out how much you might be able to borrow can be as simple as contacting our Lending Specialists and speaking with them. If you already have a home loan with Mortgage House, then you may be able to use the equity you have as an alternative to a personal loan.
Mortgage House also has a loan calculator that can help you if you want to find out how much you may be able to borrow for a home loan. Our Borrowing Calculator is a great resource if you are starting out and want to narrow down your property search options. Importantly, it is only a guide and not a pre-approval, but can give you a good indication of what you may be approved for.If the numbers don’t add up as you want them to, contact our Lending Specialists and we may be able to help you further.
Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable.
WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.