Using The Home Loan Calculator
Just select between “new” or “refinance” (top tabs) and enter the amount you wish to borrow (replace this with any amount you wish).
Next, you will see a comparison of rates by major banks. You can further select options on the left hand side such as:
> Standard Variable, Honeymoon or various fixed term rates
> Interest Only Loans
> Low doc loans
Once you selected the options that you need, our home loan calculator takes care of everything automatically. You can even see how your current loan stands up against those on the market. Simply enter the current interest rate that you are paying and you will be able to see the savings you can achieve with the alternative loan products.
Types of Loans:
For people who are looking to purchase a property. Compare offers by major banks and other lenders. You can request a representative from the lender to come to you to and arrange pre-approval.
For borrowers who have a mortgaged property and are looking to find a better alternative loan. Our calculator allows you compare hundreds of loans to your existing loan.
Low Doc Home Loans
We offer low doc home loan options for the self-employed or business owner.
Interest only Home Loans
Suitable for borrowers to intend to resell or want to lower their repayments initially.
Suitable for home builders and small developers.
Accuracy of a Home Loan Calculator
The accuracy of the results of a home loan calculator is limited by the data that is inputted. A slight error or omission can make a large difference to the results, especially the total interest paid. Therefore, it is important to be aware of such things as:
1. The Exact Rate : make sure you enter the correct interest rates when comparing loans and include all the decimals.
2. Fees: even small fees can significantly affect the total repayments on a loan over several years.
3. Application of Establishment Fees: if these are lumped on to the balance, these fees could compound and add thousands of the dollars to the repayment cost.
As the above would suggest, you need to have accurate data in order to compare loan products. Therefore, dynamic, interactive calculators can generally offer greater accuracy and usability as they automatically grab rate and fee data from a constantly updated database.