| Many easy to use mortgage calculators in Australia | | | | increases, the difference between paying weekly, |
| are available online today and these will answer many | | | | fortnightly or monthly instalments or the effect on |
| of your mortgage related questions, be it how much | | | | repayments given different loan terms. Though the |
| you can borrow, how much your repayments will be | | | | standard loan term in Australia is 25 – 30 years a |
| and the effect of additional repayments. In Australia a | | | | shorter term can be taken – the mortgage |
| mortgage calculator may even compare different | | | | calculator lets you know how much your monthly |
| home loan options available for you. | | | | repayments will increase if you choose to take a |
| When using a mortgage calculator to ascertain how | | | | shorter loan term. |
| much you can borrow - like any mortgage calculator | | | | Another useful mortgage calculator is the ‘Extra |
| – it should be used as a guide only. A mortgage | | | | Repayments’ calculator. This will show the effect |
| calculator will give you a general idea of your | | | | of additional repayments being made over the term of |
| borrowing potential and therefore what sort of | | | | the loan. The mortgage calculator will show you that if |
| property you can start hunting for! In conjunction with | | | | you make additional or extra repayments you will can |
| this you may also wish to use another mortgage | | | | substantially lower the interest paid over the life of the |
| calculator which can work out your approximate | | | | loan and also have your home loan paid off a lot |
| monthly repayments due. This type of mortgage | | | | quicker. |
| calculator can assist with your personal budgeting and | | | | Given there are so many loan products available, if |
| help you decide how much you believe you can afford | | | | you are looking for finance in Australia today, a |
| to borrow given your personal circumstances. | | | | mortgage calculator can be a very effective tool |
| The Repayment mortgage calculator can also help | | | | when weighing up your financial/budgeting options. |
| you compare different scenarios such as possible rate | | | | |