Your mortgage payments are influenced by several key factors. Consider these details to get an accurate estimate using the Home Loan Repayment Calculator:
Take note: The calculator rates can change, impacting what you pay. Rates for variable loans fluctuate throughout the term, and that for fixed loans become variable after the fixed period ends.
The Mortgage Repayment Calculator shows potential borrowers their monthly, fortnightly, and weekly payments before they apply for home loans or consider refinancing.
It displays the exact costs, so you can see the total expense over your loan's term. This enables you to make informed decisions.
Here's how the insights from the Home Loan Repayment Calculator can work for you:
Maximising savings on your mortgage repayments is important for any borrower. There are some effective ways to minimise your mortgage repayments.
Complete your application at your own pace – your progress will be saved so you can return later. We’ll provide status updates throughout the process, keeping you fully informed. Once complete, we’ll recommend loan products with competitive rates suited to your financial situation. Take your time deciding, as we only perform credit checks after you’ve submitted your application.
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Get in TouchYour home loan payments cover the principal (the money you borrowed) and interest. When you make principal and interest payments, you gradually pay off your loan while covering the interest that grows over time.
Besides principal and interest, you’ll also need to plan for other expenses. A deposit below 20% requires Lenders Mortgage Insurance (LMI) and multiple additional charges such as application charges and legal costs.
You can pay up to $10,000 extra per fixed-term year, except on Interest in Advance loans. Your fixed-term year starts when your Fixed Rate period began and renews yearly until your fixed term ends. Unused portions of the $10,000 limit don’t roll over to the next year.
Keep track of your extra payments carefully. Going over the $10,000 yearly limit might trigger an Early Repayment Adjustment (ERA) and Administrative Fee, which could cost you thousands.
Yes, you can make extra repayments while construction is in progress, from the beginning of building until your home is complete. These payments can be made through funds transfer, and you’ll still have the option to redraw these funds during the construction period if needed.
With interest-only repayments, you are not reducing your principal debt. Rather, you are paying only the interest charged by your lender. Most lending institutions restrict the duration for which a borrower can make interest-only repayments; otherwise, they risk not recovering their principal loan amount.
Our mortgage experts will help you navigate the home loan process and secure the best financing solution for your unique situation.
We will contact you within 10 minutes or sooner during business hours for a quick high level discussion.