Need to crunch your numbers in a hurry? Take a look at the range of online calculators on the Mortgage Express website. Whether you need to calculate how much you could borrow, what your repayments would look like, how much your stamp duty could cost, or how much you could save with an offset account or a split loan, work it all out online using these handy calculators. Here’s an outline of what each calculator does.
Borrowing Power
Buying a first home, a new home, or even an investment property? Here’s the best place to start. The borrowing power calculator will give you an indication of what a lender may lend to you using the income, expenses and loan term you input.
Home Loan Repayment Calculator
As well as understanding how much you could borrow, knowing what your repayments will look like is an important part of the home buying process. The home loan repayment calculator provides an indication of what your repayments could look like using different interest rates, loan terms, and repayment frequency, helping you plan your budget.
Extra Repayment Calculator
Want to find out just how much you could save on interest with an extra repayment to your home loan? The extra repayment calculator lets you test various amounts to see just how much of an impact even the smallest extra payment could have on shortening your loan term and reducing your interest charges.
While the calculations are only an approximation (the amount of savings will vary depending on fees, charges and calculations used by the lender), knowing how much you could save may help motivate you to redirect any extra cash into your home loan.
Stamp Duty Calculator
Using your region, value of the property you’re buying, the property type and details of your income and home ownership status, the stamp duty calculator will determine how much you can expect to pay for stamp duty. It also works out any government grants you may be eligible for as a first home buyer.
Offset Account Calculator
This calculator demonstrates how much you could save in interest charges by using an offset account. An offset account is a transaction account linked to your home loan. Any cash in this account is used to 'offset' the loan balance that interest is calculated against, ultimately reducing the amount of interest you're charged.
Split Loan Calculator
Having a split loan – part of your loan fixed while the other is on a variable interest rate – has the potential to save you money. This is particularly relevant in times of interest rate rises where locking in part of your home loan against a fixed interest rate, means you have some assurance of how much your repayments will be.
Use the split loan calculator to work out what the impact will be if you split part of your mortgage. You can also adjust the fixed rate portion to calculate various levels of savings.
A tailor made financial solution
Use our easy online tools to make understanding your finances much easier. What’s more, once you’ve used the calculators, you can print off a hard copy or save your calculations as a PDF to refer back to later.
If you have questions about any of these calculators, or you’d like to find out more about buying your first home, buying a new home, or growing your property portfolio, contact our team of mortgage brokers.
Disclaimer:
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.
Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Australian Financial Complaints Authority (AFCA) | Member of Choice Aggregation Services.
