About Mortgage Calculators
The Mortgage Calculator in Australia
Many easy to use mortgage calculators in Australia are available online today. These will answer many of your mortgage-related questions, like how much you can borrow, how much your repayments will be and the effect of additional repayments. In Australia, a mortgage calculator may even compare different home loan options available for you.
A mortgage calculator should be used as a guide only, but you will get a general idea of your borrowing potential. There are also mortgage calculators that can help you will your personal budgeting so you can get your finances straight before taking the plunge!
The Repayment mortgage calculator can help you work out your approximate monthly repayments and also help you compare different scenarios such as possible rate increases, the difference between paying weekly, fortnightly or monthly installments or the effect on repayments given different loan terms. Though the standard loan term in Australia is 25 – 30 years, a shorter term can be taken, the mortgage calculator lets you know how much your monthly repayments will increase if you choose to take a shorter loan term.
Another useful mortgage calculator is the Extra Repayments Home Loan calculator. This will show the effect of additional repayments being made over the term of the loan. The mortgage calculator will show you that if you make additional or extra repayments you will substantially lower the interest paid over the life of the loan and also have your home loan paid off a lot quicker.
Disciplined borrowers can save a significant amount in interest payments over the term of their loan by applying as much as possible of their monthly surplus income to additional repayments on their home loan.
The Extra Repayment calculator will demonstrate just what you can save by simply paying an extra $100 or more a month! It may not always be possible but if you focus on meeting a budget (that still allows you a few treats) the interest savings in the long run will be significant!
Given there are so many loan products available, if you are looking for finance in Australia today, a mortgage calculator can be a very effective tool when weighing up your financial/budgeting options. Another mortgage calculator worth checking out is the split loan mortgage calculator which allows you to calculate the repayments where you have a portion of your loan in a fixed rate and another in variable.
Taking a split loan like this is appealing to borrowers who wish to have some flexibility along with some protection against rising interest rates.
Different lenders will have different qualifying criteria so that your income may enable you to apply for a larger loan with a particular lender. While the mortgage calculator should accurately reflect the impact of additional repayments etc. the amount that you might be able to borrow will differ between lenders. And always get professional advice with regard to what your Australian mortgage calculator has determined for you.